HFF announces the $69 million sale of Crescent Lakeside I and II, two Class A office buildings totaling 254,796 square feet in the Raleigh submarket of Cary, North Carolina.
The HFF team represented the seller, Crescent Lakeside LLC, and procured the buyer, HLM Realty LLC, a New York investor.
The properties are located at 1225 and 1255 Crescent Green Drive within The Crescent, one of the Triangle region’s top mixed-use parks. The properties were developed by Capital Associates in partnership with Boddie-Noell Enterprises, as well as The Crescent business park. This urban-infill location provides the property with a market leading amenity base of entertainment, retail and lifestyle offerings, including the Koka Booth Amphitheater, several miles of walking/jogging trails and the 30-acre Symphony Lake. Additionally, Crescent Lakeside I and II are situated at the confluence of the U.S. Route 1 and 64 interchange, two major Wake County transportation arties connecting Raleigh’s urban core and the southwest suburbs of Apex, Holly Springs and Fuquay Varina. Completed in 2001 and 2009 respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II are 98.9 percent occupied to a diverse, creditworthy tenant roster anchored by Hill-Rom and Precision Lender.
The HFF investment advisory group consisting of senior director Scot Humphrey, senior managing director Ryan Clutter and directors Chris Lingerfelt and Zack Drozda teamed up with Capital Associates Management’s CEO, Frank Baird, to represent the seller.
“It was a pleasure to work with Ryan and his team on the sale of these assets. HFF’s approach to the sales’ process and their experience with institutional investors, was a real benefit in completing an excellent execution of the sale of these great assets,” added Baird.
“High-quality office assets in the Research Triangle that are well-positioned within infill, suburban locations are really attracting a lot of interest right now,” Humphrey commented. “The region’s impressive growth in the surrounding areas to the south and east will only add value to this real estate over time.”
“We received significant interest in Crescent Lakeside from numerous capital sources representing a diverse group of investors,” Clutter added. “As job and population growth in the Triangle continue to outpace most of the country, we believe investor demand for the region will only intensify as we head into 2019 and beyond.”
Holliday GP Corp. is a North Carolina licensed real estate broker.
About Capital Associates Management
Capital Associates is a full-service commercial real estate company, providing development, leasing and sales, property management, and consulting services for our own accounts, as well as third parties. The firm has developed over 3.7 million square feet of commercial and residential space, and it currently manages over 3 million square feet. Capital Associates was founded in Cary, North Carolina in 1983, expanded to Greensboro, North Carolina in 1989 and Northern Virginia in 2004. For more information, please visit: www.casso.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.
