$35.225 million sale closed by HFF of two premier office properties within Regency Park in Raleigh-Durham
HARLOTTE, NC – June 23, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $35.225 million sale of 100 & 200 Regency Forest Drive, two premier office properties totaling 207,347 square feet within Regency Park in Cary, North Carolina.
HFF marketed the offering on behalf of the seller, a joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners, and procured the buyer, True North Management Group, LLC.
100 & 200 Regency Forest are situated on 42.12 acres within the prestigious Regency Park office park in the Raleigh-Durham suburb of Cary. Positioned along the U.S. Highway 1 corridor, the properties have regional access to Raleigh and Apex as well as the executive neighborhoods of Regency, MacGregor Downs, Lochmere and Prestonwood Country Club. Completed in the late 1990’s, 100 & 200 Regency Forest feature brick and tinted glass exterior construction, two-story atriums and parking ratios of up to 4.35/1,000 rentable square feet. The tenancy is dominated by credit tenants focused in STEM industries including Cadence Design, MicroMass Communication, MercuryGate International, Crown Castle and Garmin International.
The HFF investment sales team representing the seller was led by Scot Humphrey, Ryan Clutter, and Chris Norvell.
“Regency Forest is one of many recent transactions in the Carolinas that was aggressively sought after by investors, many of whom still feel like the area is priced favorably compared to some of our peer markets such as Austin and Nashville,” said Humphrey. “The HFF Carolinas office currently has more than 2.8 million square feet of office buildings in escrow with buyers, illustrating the healthy amount of capital targeting the region.”
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate. Headquartered in Greenwich, Connecticut, the firm, through affiliated entities, maintains 10 offices in four countries around the world, and currently has more than 2,200 employees. Starwood Capital Group has raised $34 billion of equity capital since its inception in 1991, and currently manages $51 billion in assets. The firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk-reward dynamics to be evolving. Over the past 25 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises around real estate portfolios in both the private and public markets. Additional information can be found at www.starwoodcapital.com.
About Trinity Capital Advisors
Trinity Capital Advisors (Trinity Capital) focuses on the acquisition and development of institutional quality office, industrial and mixed use real estate in the southeastern United States. The firm has acquired or developed over 13 million square feet totaling more than $1.9 billion since inception. Trinity Capital has acquired or developed some of the most successful workplace real estate projects in the Southeast, including Perimeter Park, Ally Center, NASCAR Plaza, Perimeter Woods Business Park and Westlake Business Park. Investments are capitalized through Trinity Capital’s Value Fund series and through partnerships with some of the country’s top institutional investors. For more information about Trinity Capital, please visit: trinitycapitaladvisors.com.
Vanderbilt Partners (Vanderbilt) is a vertically-integrated real estate investment manager focusing on office investment opportunities in the Southeast, East and Midwest U.S. Since its founding in early 2014, Vanderbilt has participated in more than $1.85 billion of acquisitions over eight transactions totaling approximately 11.7 million square feet. Vanderbilt currently manages over 5.4 million square feet and leases approximately two million square feet of office space.
About True North Management Group
True North Management Group (True North), founded in 2004, is a privately held real estate investment management firm headquartered in White Plains, New York. Since inception, the firm has successfully completed more than 50 distinct debt and equity investments with more than $1.2 billion in transaction value involving office, retail, hospitality, multifamily and other property types throughout the United States. True North currently has ownership interests in approximately four million square feet of office properties.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.