New York Investors Acquire Research Tri-Center Industrial Park in Record $115M Deal

By Adriana Pop, Associate Editor

An institutional real estate investment group represented by Clarion Partners of New York has acquired Durham’s Research Tri-Center industrial park, the largest property of its kind in the region.

According to the Triangle Business Journal, Northwood Investors, also of New York, sold the 10-building complex for $115 million, which is a record for the Triangle so far this year.  The Cassidy Turley capital markets team in Raleigh represented the company in the transaction.

Spanning across 130 acres of land, the Research Tri-Center portfolio includes eight warehouse buildings, a two-story office building and a flex building.

GlaxoSmithKline, Cree Inc., Toshiba Global Commerce Solutions and FedEx are among the tenants at the property, which was 86 percent leased at the end of the second quarter, according to the Triangle Business Journal’s quarterly Space survey.

The sale did not include the 203,000-square-foot Research Tri-Center North V warehouse, which was acquired by Stoltz Real Estate Partners in July.

Northwood purchased the Research Tri-Center complex in 2010 for $77 million.

In other news, the Triangle Business Journal reports that Heritage Capital Group of Ridgewood, N.J. has acquired the Six Forks Square office park in north Raleigh.

RP Realty Partners of Los Angeles, Calif. sold the property for $12.4 million. Scot Humphrey, Justin Good, and Chris Norvell of Cushman & Wakefield/Thalhimer’s capital markets group in Raleigh represented the company, along with Greg Sanchez of Tri Properties.

Located at the corner of Six Forks and Millbrook roads, the four-building office park offers a total of 149,373 square feet of space. The property has been fully occupied by the state Department of Health and Human Services since 2004. The organization has recently extended its lease contract through June 2017.

Photo credits: of Cushman & Wakefield