{"id":1004364872,"date":"2019-11-01T00:42:04","date_gmt":"2019-11-01T08:42:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004364872"},"modified":"2019-11-01T00:42:04","modified_gmt":"2019-11-01T08:42:04","slug":"repositioned-raleigh-office-asset-trades-for-18m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/","title":{"rendered":"Repositioned Raleigh Office Asset Trades for $18M"},"content":{"rendered":"
\"\"<\/a>

Carolina Corporate Centre. Image courtesy of Cushman & Wakefield<\/i><\/p><\/div>\n

A joint venture between The Runnymede Corp. and a private investor has acquired Carolina Corporate Centre, a 91,709-square-foot office property in Raleigh, N.C., from The Simpson Org. The asset changed hands for $17.9 million, according to Triangle Business Journal<\/em>. Cushman & Wakefield represented the seller in the transaction.<\/p>\n

The Simpson Org. had acquired the property from Brookwood Financial Partners in August 2016 for $12.1 million, per data from Yardi Matrix.<\/p>\n

Located 6 miles north of downtown Raleigh at 5400 Glenwood Ave., the building is alongside U.S. Highway 70, a short distance south from a major retail corridor. Yardi Matrix shows 14 office properties within a mile of Carolina Corporate Centre. Most are somewhat dated, with an average age of 33 years. One of those assets, the 65,000-square-foot Crabtree Center, sold in June for $10 million<\/a>.<\/p>\n

Runnymede\u2019s acquisition\u2014though 33 years old itself\u2014was repositioned prior to disposition. When The Simpson Org. purchased the property, it was 80 percent leased. After significant updates to building amenities and common areas, leasing activity followed. At the time of sale, the asset was 98 percent leased to a mix of tenants including PrimeLending, HMD Development and CDM Smith Inc.<\/p>\n

This year, office investment transactions reached $936.7 million in the metro through the end of October, according to Yardi Matrix. While activity has slowed since last year\u2019s $1.6 billion in volume, the market\u2019s inventory remains in high demand<\/a>, as employers continue to expand or relocate and as people continue flocking to the region.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Simpson Org. sold the nearly 92,000-square-foot building three years after acquiring the property and investing in capital improvements.<\/p>\n","protected":false},"author":861,"featured_media":1004364881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1604],"tags":[35559,36351,32799,47648,34578],"class_list":["post-1004364872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-raleigh-durham","tag-brookwood-financial-partners","tag-capital-improvement","tag-cushman-wakefield","tag-runnymede-corp","tag-the-simpson-organization"],"acf":[],"yoast_head":"\nRepositioned Raleigh Office Asset Trades for $18M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Repositioned Raleigh Office Asset Trades for $18M\" \/>\n<meta property=\"og:description\" content=\"The Simpson Org. sold the nearly 92,000-square-foot building three years after acquiring the property and investing in capital improvements.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/\" \/>\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=\"2019-11-01T08:42:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\/repositioned-raleigh-office-asset-trades-for-18m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/\",\"name\":\"Repositioned Raleigh Office Asset Trades for $18M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg\",\"datePublished\":\"2019-11-01T08:42:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg\",\"width\":800,\"height\":620,\"caption\":\"Carolina Corporate Centre. Image courtesy of Cushman & Wakefield\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Repositioned Raleigh Office Asset Trades for $18M\"}]},{\"@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":"Repositioned Raleigh Office Asset Trades for $18M - 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\/repositioned-raleigh-office-asset-trades-for-18m\/","og_locale":"en_US","og_type":"article","og_title":"Repositioned Raleigh Office Asset Trades for $18M","og_description":"The Simpson Org. sold the nearly 92,000-square-foot building three years after acquiring the property and investing in capital improvements.","og_url":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-11-01T08:42:04+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg","type":"image\/jpeg"}],"author":"Jeff Hamann","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/","url":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/","name":"Repositioned Raleigh Office Asset Trades for $18M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg","datePublished":"2019-11-01T08:42:04+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9dada606742ec2aa010683bdabf468f4"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg","width":800,"height":620,"caption":"Carolina Corporate Centre. Image courtesy of Cushman & Wakefield"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/repositioned-raleigh-office-asset-trades-for-18m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Repositioned Raleigh Office Asset Trades for $18M"}]},{"@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\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Carolina-Corporate-Centre.-Image-courtesy-of-Cushman-Wakefield.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004364872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/861"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004364872"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004364872\/revisions"}],"predecessor-version":[{"id":1004364911,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004364872\/revisions\/1004364911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004364881"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004364872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004364872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004364872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}