HFF closes $23.5 million sale of Class A office building in Raleigh-Durham, North Carolina
CHARLOTTE, NC – July 20, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $23.5 million sale of Trinity Place, a four-story, 114,547-square-foot, Class A office property located in the West Raleigh submarket of Raleigh-Durham, North Carolina.
HFF marketed the property on behalf of the seller, an institutional fund manager, and procured the buyer, Origin Investments.
Trinity Place is located at 1201 Edwards Mill Road about one mile from Interstate 40, a primary artery connecting the property to the affluent neighborhoods of West Raleigh and RDU International Airport. The property is adjacent to Carter-Finley Stadium and the PNC Arena, home to the Carolina Hurricanes NHL hockey team and the North Carolina State University basketball team. Additionally, more than five million square feet of retail amenities are within a three mile radius of Trinity Place. Tenants at the fully-leased property include RSM McGladrey, the public relations firm Capstrat and the IT services firm TekSystems.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey, managing director Ralph Smalley and associate director Christopher Lingerfelt.
“Trinity Place was very well received by the marketplace demonstrating the strength and appeal of the Raleigh office market to institutional investors yet again,” said Clutter. “We believe we will continue to see strong interest in our Raleigh offerings through the remainder of the year and into 2017.”
“One of the reasons this property really stood out among investors is that Trinity Place features several examples of creative space designed to attract millennials,” added Humphrey. “We have found that creative space in suburban office buildings tends to heighten interest and that’s a trend that’s likely to continue in the years ahead.”
About Origin Investments
Founded in 2007, Origin is a real estate investment firm that acquires office and multifamily properties in eight fast-growing markets: Charlotte, Raleigh, Atlanta, Houston, Dallas, Austin, Chicago and Denver. With offices in Chicago, Charlotte and Dallas. Origin has nearly a half-billion dollars in assets under management. The firm also offers its investment opportunities to accredited investors at origininvestments.com.
Origin is currently raising capital for its Fund 3, a $150 million fund for which it has already raised $70 million in committed capital including a $10 million commitment from the firm’s cofounders, David Scherer and Michael Episcope. Origin’s previous two funds are averaging a 25.4% Net return to investors and have been ranked by Preqin as top quartile.
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.