HFF announces $31.4M sale of four office buildings within Imperial Center in Durham, North Carolina
CHARLOTTE, NC – June 28, 2018 – HFF announced the sale of four office properties in Durham, North Carolina, totaling $31.4 million within two separate transactions to OA Development (OA). The properties are Chelsea Place, Oxford Place, Cambridge Hall and Canterbury Hall.
Chelsea Place and Oxford Place were marketed by the HFF team. Kreg Groat, Chief Executive Officer of Crown Realty & Development managed the transaction on behalf of the seller and the two assets were sold to OA for $17.3 million.
Cambridge and Canterbury Hall were purchased by OA from the seller, Bridge Investment Group, who was also represented by HFF.
All four properties are located in the RTP/I-40 submarket of Raleigh-Durham within Imperial Center, the area’s premier business park that has more than four million square feet of mixed-use space on 465 landscaped acres. The park offers a market leading amenity package, including various dining options, multiple retail destinations, four name brand hotels and a host of health and fitness amenities. This location offers convenient access to Interstates 40 and 540, the area’s two primary transportation nodes, connecting the property to Raleigh’s primary residential communities, Raleigh-Durham International Airport and Research Triangle Park.
Chelsea Place and Oxford Place are located at 1007 and 1005 Slater Road and total 121,511 square feet in two Class A office buildings. Recently renovated, the properties are 86.5 percent leased to STEM and healthcare tenants, including Principled Technologies, Inc.; Gordon Asset Management, LLC and Social & Scientific Systems, Inc.
Cambridge Hall and Canterbury Hall are located at 4813 and 4815 Emperor Boulevard. The twin three-story buildings total 89,797 square feet and are fully leased to tenants such as ThermoFisher Scientific and McKesson Corporation.
The HFF investment advisory team representing the sellers consisted of senior director Scot Humphrey, senior managing director Ryan Clutter and director Christopher Lingerfelt.
Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.
About Crown Realty & Development
Crown Realty & Development was established in 1994 by Robert Flaxman and Jamie Sohacheski to apply intelligent real estate strategies with determined and reliable execution. Headquartered in Costa Mesa, California and with offices in Beverly Hills and Paradise Valley, Arizona, the firms current portfolio of office, retail, multifamily and industrial projects, with a portfolio value approaching $700 million. Crown’s team members in the disposition included Ann Vera, Vice President of Transactions, Nikkie Marion, Sr. Property Manager and Mike Vaughan, Sr. Acquisitions Manager.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $10 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies. Bridge Commercial Real Estate provides brokerage, property management and construction services for Bridge Office assets. For additional information please visit bridgeig.com.
About OA Development
OA Development brings a unique way of looking at the marketplace that delivers consistent returns to investors. That is why OA Development’s clients have trusted the firm’s insights since 1993. OA Development’s long-time leadership possesses the experience, expertise, and orientation to protect and grow investors’ assets in the rapidly changing commercial real estate market. Such foresight has helped the firm remain ahead of the market at each turn and produce an enviable track record. OADevelopment.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.