HFF announces the $18.4 million sale of 6501 Weston Parkway, a 93,130-square-foot, Class A office building in Cary, North Carolina.
The HFF team marketed the property on behalf of the seller, a joint venture between Childress Klein Properties and WHI Real Estate Partners, and procured the buyer, Albany Road Real Estate Partners.
6501 Weston Parkway is situated on 8.52 acres along the prominent Weston Corridor, a master-planned mixed-use park in the Raleigh-Durham-Chapel Hill community of Cary. This central location has immediate access to Interstate 40, RDU International Airport, Research Triangle Park, The University of North Carolina at Chapel Hill, Duke University and NC State. Additionally, Weston Parkway is surrounding by high-end communities and a dense amenity base with more than 100 restaurants and shops within a three-mile radius. Originally built in 1996, the property was fully renovated in 2016 and is 90.1 percent occupied by anchor tenants Charter Communications, Zift Solutions and Aerotek, among others.
The HFF investment advisory team representing the seller consisted of senior director Scot Humphrey, senior managing director Ryan Clutter and director Chris Lingerfelt.
“Childress Klein and WHI did an outstanding job in taking a traditional office building and converting it to a modern creative environment that appeals to millennials and employers alike,” commented Humphrey. “These opportunities are highly sought after by investors and are not easy to find.”
Holliday GP Corp. ("HFF"), a North Carolina licensed real estate broker.
About Childress KleinChildress Klein is a full service real estate company operating in the southeastern United States since 1978. The partners of Childress Klein have been responsible for the development, leasing and management of more than 47 million square feet of office, industrial, retail, multifamily, and self-storage properties throughout Virginia, Tennessee, North and South Carolina, Georgia, and Florida. The Company’s primary offices are located in Charlotte and Atlanta. For more information, visit www.childressklein.com.
About WHI Real Estate Partners
WHI Real Estate Partners L.P. ("WHIREP") is a real estate investment firm focused on repositioning middle-market properties throughout the United States. WHIREP seeks to generate attractive risk-adjusted returns by taking a highly-proactive approach to investment sourcing and asset management. WHIREP manages a series of fully-discretionary investment funds whose investors include university endowments, foundations, health care systems, pension plans and family offices, among others. For more information, visitwww.whirep.com.
About Albany Road Real Estate Partners
Boston-based Albany Road was established in July 2012 to deliver attractive risk-adjusted and tax efficient returns for its high net worth and family office investors. Following an initial focus on opportunities in the Northeast, the firm expanded its reach into the Southeast and Southwest with the opening of offices in both Nashville and Dallas, and subsequent acquisitions in Tennessee, Georgia, the Carolinas and Texas. For more information, please visit: www.albanyroadrep.com.
About HFF
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.
