Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Quadrangle, a four-building office park totaling 264,410 square feet in Chapel Hill, North Carolina.
HFF represented the seller in the transaction and procured the buyer, The Dilweg Companies. Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate acquisition loan with MidFirst Bank.
Quadrangle comprises 6320, 6330, 6340 and 6350 Quadrangle Drive, which are located at the intersection of Interstate 40 and 54 close to Highway 15-501, which links The University of North Carolina at Chapel Hill to Duke University. This location is less than 15 minutes from the Raleigh-Durham International Airport, Research Triangle Park and downtown Durham, and is close to the residential communities of Hope Valley Country Club, Meadowmont, The Oaks, Falconbridge and Woodcroft. Averaging 91 percent occupancy, Quadrangle is leased to a credit-worthy and STEM-based tenancy, and is home to the headquarters of multiple firms including Rho, Inc.; Cempra Pharmaceuticals; Intrahealth, Int.; Divi Hotels Market, Inc.; Best Practices and Global Education Institute. Additional noteworthy tenants include Teachers Insurance & Annuity, the University of North Carolina at Chapel Hill and Bejing Fazheng Ind. The highly-amenitized campus features onsite walking trails, weekly visits from local food trucks, an 1,800-square-foot fitness center, on-site roving security and parking for more than 1,000 vehicles.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey and associate director Chris Lingerfelt.
“Quadrangle is an exceptionally well-located office park that was well received by investors during our marketing campaign,” commented Clutter. “Many institutional investors are attracted to assets near major college campuses given the unique tenant demand these locations can often garner. This dynamic plus a deep bench of institutional capital currently targeting the Triangle market helped create a very competitive sale process. We anticipate institutional investor interest in Raleigh-Durham to not only continue but to intensify as we head into 2017.”
“Raleigh-Durham’s innovative, STEM-oriented employment base continues to drive an economy that is performing exceptionally well relative to other parts of the country,” added Humphrey. “Quadrangle features a rent roll that is very representative of what makes the market attractive to institutional investors.”
HFF’s debt placement team was led by senior managing director Travis Anderson and director Brent Bowman.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.
About HFF
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.
