HFF announces $16.8M sale of 272,282 SF industrial facility in Durham, North Carolina
CHARLOTTE, NC – February 28, 2018 – HFF announces the $16.8 million sale of a 272,282-square-foot, fully occupied industrial facility located at 3508 Tricenter Boulevard in Durham, North Carolina.
The HFF team represented the seller, a partnership between Trinity Capital Advisors and SilverCap Partners. Dalfen America Corp. purchased the asset.
3508 Tricenter Boulevard is situated on 14.68 acres within Research Tri-Center, a 130-acre master-planned industrial park with more than 2.4 million square feet of distribution, manufacturing and R&D facilities. The building is in a mission-critical location near a network of major transportation thoroughfares, including the Raleigh-Durham International Airport, Interstates 40 and 85 and Research Triangle Park, and is in one of the tightest industrial submarkets in the Carolinas, the RTP/I-40 Industrial submarket. Originally constructed as a build-to-suit for IBM in 1989, 3508 Tricenter Boulevard was renovated in 2017 and is configured for rear-loading with 31 dock-high loading doors, a 150-foot deep truck court, 22-foot clear heights and 24 trailer spaces. The property is triple net leased to two tenants.
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally.
“The Raleigh-Durham market continues to have some of the nation’s strongest fundamentals,” said Sean Dalfen, president and CIO at Dalfen America Corp. “We have had tremendous success in the Carolinas and are always looking for the next opportunity to expand our footprint in this market.”
“Tricenter presented an ideal value-add opportunity for Trinity Capital,” added Jeff Sheehan from Trinity Capital Advisors. “Our improvements were strategic and deliberate, allowing the building to better meet market demands for functionality. We attracted the right user and successfully executed the investment’s repositioning.”
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
About Trinity Capital Advisors
Trinity Capital Advisors focuses on the acquisition and development of institutional quality commercial real estate in the southeastern United States. The firm has invested more than $2.0 billion acquiring and developing over 16 million square feet of the most successful workplace real estate projects in North Carolina, South Carolina, Tennessee and Florida, including CBD office towers, industrial portfolios, suburban office parks and mixed-use developments. Investments are capitalized through various Trinity Capital investment vehicles and partnerships with some of the country’s top institutional investors. Visit trinitycapitaladvisors.com to learn more.
About SilverCap Partners
SilverCap Partners is a real estate private equity firm focused on the southeastern United States. The firm's expertise crosses multiple property sectors with a predominant focus on industrial, retail and office investments. Visit silvercappartners.com for more information.
About Dalfen America Corp.
Dalfen America Corp. (DAC) is one of the nation’s largest buyers of industrial real estate and a leader in the urban logistics’ property space. Their investment focus is on strategically located infill and last mile oriented warehouses, logistics centers, multi-tenant business parks and light industrial facilities. DAC currently owns and manages millions of square feet of premier industrial properties throughout the Unites States and in Canada. For more information, visit dalfen.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.