HFF closes $12.6 million sale of Class A office building near Research Triangle Park in Raleigh-Durham, North Carolina
CHARLOTTE, NC – January 11, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) and Tri Properties, Inc. announced today that they have closed the $12.6 million sale of Town Hall Commons III, a 73,614-square-foot, Class A office building in the Raleigh-Durham community of Morrisville, North Carolina.
HFF marketed the property on behalf of the seller, Town Hall Commons B3 LLC, and procured the buyer, Front Street Capital, LLC.
Town Hall Commons III is located at 101 J Morris Commons Lane on a 6.4-acre site within close proximity to Research Triangle Park, Interstates 540 and 40 and Raleigh-Durham International Airport in the high-income suburb of Morrisville. Completed in 2003, the three-story property is 96.7 percent leased and anchored by the North American headquarters of Fujifilm Diosynth Biotechnologies, which operates its main R&D campus in the adjacent Research Triangle Park.
The HFF investment sales team representing the seller was led by Scot Humphrey, Ryan Clutter and Chris Lingerfelt.
“Town Hall Commons is an exceptional asset with attractive stability and that is poised to benefit from the substantial growth that’s occurring right now in Morrisville,” Humphrey commented.
About Front Street Capital
Front Street Capital is a Winston-Salem-based private equity real estate fund focused on acquiring Class A assets across the Southeast.
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.