HFF closes $8.3 million sale of Class A office building in Raleigh-Durham, North Carolina
CHARLOTTE, NC – June 1, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 3110 Edwards Mill, a 45,692-square-foot, three-story, Class A office building in Raleigh-Durham, North Carolina.
HFF marketed the property on behalf of the seller, Atlanta-based The Simpson Organization, and procured the buyer, a private investor represented by Michael Waldrop of Waldrop Properties.
The property is situated on a 3.0-acre site at 3110 Edwards Mill within minutes of the inner beltline of West Raleigh. This highly-amenitized location has easy access to the Triangle area’s main thoroughfares, including Interstates 440 and 40, which provide connectivity to downtown Raleigh, RDU International Airport, downtown Durham and many of the area’s exclusive “inside the beltline” communities. 3110 Edwards Mill is 92.5 percent occupied by a variety of law firms and financial service providers, including Hutchinson, PLLC, and Underwood & Roberts, PLLC
The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing director Ryan Clutter and associate director Chris Lingerfelt.
“3110 Edwards Mill represents an outstanding investment opportunity due to its premier location, attractive stability and future upside potential with in-place rents that are greatly under market,” said Humphrey.
About The Simpson Organization
TSO began acquiring real estate assets as a principal in 1990. The bulk of its current portfolio was acquired from the mid-1990s to the present. Its historic acquisition efforts have focused on neighborhood and specialty retail centers, multi-tenant office buildings and urban land located in primary Southeastern markets. The firm acquires assets with private equity capital from high net worth individuals and its own resources and commercial debt from local and national lending institutions.
About Waldrop Properties
Waldrop Properties, LLC (WP) is a full-service commercial real estate firm headquartered in Raleigh, North Carolina, with a strong presence throughout North Carolina and South Carolina. WP works closely with private investors, families, and family businesses with the acquisition and disposition of real estate investments. For more information contact Michael Waldrop at 919-612-6696 or firstname.lastname@example.org .
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and 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.