Raleigh/Morrisville Multi-Use Portfolio Sale Is Completed

Raleigh/Morrisville Multi-Use Portfolio Sale Is Completed

EastRidgeRALEIGH, NC (April 21, 2016) – Cushman & Wakefield, a global leader in commercial real estate services, announced today the sale of ownership interests in EastRidge at Perimeter Park in Morrisville, NC, and Spring Forest Business Center in Raleigh. The sales price was not disclosed.

Cushman & Wakefield Managing Director David Finger and Associate Vice President Sara Owen represented the seller in the entity sale transaction.

Somerset Properties, a full-service real estate investment and operating company headquartered near Philadelphia, acquired the properties, which together comprise 11 single-story buildings totaling 634,617 square feet. The portfolio is 83 percent leased to 24 tenants including IXIA, Adreima, LabCorp, Ascom North America and Allstate.

“With highly flexible buildings that cater to a wide range of tenant needs including lab, office and storage, and strategic locations with exceptional access, this portfolio provided an outstanding opportunity for Somerset Properties to acquire a critical mass of high-quality real estate as it expands into the Triangle market,” said Mr. Finger. “These exceptional properties offer great brand recognition in the region.”

Ms. Owen added that the properties through the years have attracted a diverse tenant base including healthcare, information technology, telecommunications, education and insurance entities, among others. “Both assets offer desirable business park environments, along with immediate interstate access and proximity to amenities,” she noted. “These parks are truly the ‘right assets in the right submarkets.’”

Although the sales price was not disclosed, this appears to be the largest office/industrial transaction year-to-date in the Triangle, according to Real Capital Analytics.

Cushman & Wakefield’s Hillman Duncan, CCIM, SIOR and Dennis Hurley, SIOR, will retain leasing responsibilities for the properties under the new ownership.