{"id":1004238563,"date":"2018-06-28T22:47:51","date_gmt":"2018-06-29T06:47:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004238563"},"modified":"2022-12-08T08:11:23","modified_gmt":"2022-12-08T16:11:23","slug":"sun-life-offloads-nc-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/","title":{"rendered":"Sun Life Offloads NC Office Portfolio"},"content":{"rendered":"

By Jeff Hamann<\/p>\n

Sun Life Assurance Co. of Canada has sold a 223,118-square-foot office portfolio in the Raleigh-Durham, N.C., area to RealOp Investments for $30.6 million. The buyer financed the acquisition with a $24.2 million loan held by Wells Fargo, according to public records.<\/p>\n

\u201cWe look forward to enhancing the tenant experience with property improvements that will begin immediately, and to future investment across the region,\u201d<\/em> said Reggie Bell, CEO of RealOp Investments, in a prepared statement. The firm earlier expanded its office holdings this year with the purchase of a nearly 200,000-square-foot office campus<\/a> in Tampa, Fla.<\/p>\n

\u201cJust making Amazon\u2019s list for a potential East Coast headquarters is a win for our market,\u201d<\/em> said John Linderman, principal & managing director of Avison Young\u2019s North Carolina region, in prepared remarks. \u201cWe\u2019ll continue to see more and more investors give the Triangle a closer look when searching for real estate investment opportunities.\u201d<\/em><\/p>\n

Blake Thomas and Grant Linderman of Avison Young represented the seller in the transaction. The firm\u2019s Arnold Siegmund and Carlo DiGiorgio will continue to provide leasing services to the properties.<\/p>\n

Multi-tenant portfolio<\/h2>\n

The first asset included in the transaction, RDU Center I, is a two-story, 60,083-square-foot building located at 3000 RDU Center Drive in Morrisville, one mile from Raleigh-Durham International Airport. Constructed in 1999, the property is home to tenants including Moseley Architects, Myocardial Solutions and Neusoft, according to Yardi Matrix data.<\/p>\n

Three buildings in the portfolio, Horizon I, II and IV, are situated at 110 Horizon Drive and 7701-7721 Six Forks Road in Raleigh. Containing 105,747 square feet, the structures have a vacancy rate of 22.1 percent, per Yardi Matrix data from June. The tenant roster includes RE\/MAX, the American Dairy Products Association and PLC Wealth Management.<\/p>\n

Franklin Park rounds out the deal, with three buildings at 1512, 1516 and 1520 E. Franklin St. in Chapel Hill. About 2 miles from both Interstate 40 and University of North Carolina, the property is positioned near a range of retail, hospitality and office assets. The structures, constructed in 1996 and renovated in 2007, house tenants including UNC Health Care, Gather Digital and The Forestland Group.<\/p>\n

Images courtesy of Avison Young<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction, valued at more than $30 million, includes approximately 223,000 square feet near Raleigh-Durham. 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The seven buildings in the deal will soon undergo renovation work.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-29T06:47:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:11:23+00:00\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/\",\"name\":\"Sun Life Offloads NC Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2018-06-29T06:47:51+00:00\",\"dateModified\":\"2022-12-08T16:11:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sun Life Offloads NC Office Portfolio\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4\",\"name\":\"Jeff Hamann\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Jeff-Hamann.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Jeff-Hamann.jpg?w=96\",\"caption\":\"Jeff Hamann\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/jeffh\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Sun Life Offloads NC Office Portfolio - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/sun-life-offloads-nc-office-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"Sun Life Offloads NC Office Portfolio","og_description":"The transaction, valued at more than $30 million, includes approximately 223,000 square feet near Raleigh-Durham. 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