$16 million sale of 235,308-square-foot North 540 Distribution Center in Raleigh closed by HFF team
CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the $16 million sale of North 540 Distribution Center, a 235,308-square-foot, Class A, fully-occupied distribution center in Raleigh, North Carolina.
HFF senior managing director Chris Norvell, formerly of Cushman & Wakefield Thalhimer, represented the seller, a partnership between Meridian Development Group and Singerman Real Estate, LLC, in the sale of the facility to Chicago-based Hamilton Partners.
North 540 Distribution Center is located at 3401 Gresham Lake Road in the North Raleigh submarket. The facility is situated on 13.3 acres near the interchange of U.S. Highway 1/Capital Boulevard and Interstate 540, which provides direct access to Interstates 95, 40 and 85, all major distribution corridors in the Southeast. The facility features 30’ clear heights, 40’ by 40’ column spacing, 23 dock-high doors, 170’-180’ truck court depths and approximately 23,000 square feet of office space. Substantially renovated in 2014, North 540 Distribution Center is 100 percent leased to DHL, Express Foods, Ranpak Corp. and Tiger Direct.
About Meridian Development Group
Meridian Development Group is a commercial real estate investment firm specializing in the acquisition, development and management of functional, high-quality bulk distribution, flex and single-story office properties in major markets throughout the eastern half of the United States. For more information, visit www.meridiandg.com.
About Singerman Real Estate, LLC
Singerman Real Estate, LLC (SRE) is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, industrial, retail, hotel and multifamily, in addition to secondary real estate asset classes such as student housing and senior housing. Visit www.singermanre.com for more information.
About Hamilton Partners
Hamilton Partners is in the business of providing quality commercial space to meet the needs of its customers. As a privately-owned real estate development and investment firm, the company develops, leases and manages commercial projects throughout Chicago, Denver, Salt Lake City and Raleigh. Learn more at www.hamiltonpartners.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a North Carolina licensed real estate broker.