1031 buyer purchases lab/office property on NC State Campus
JLL and Capital Associates complete $17.675M sale on behalf of CBC Flex Lab LLC
CHARLOTTE, January 8, 2020 – JLL Capital Markets and Capital Associates announced today that it has closed the $17.675 million sale of the Biomedical Partnership Center, a 44,835-square-foot, recently constructed office flex/lab building in Raleigh, North Carolina.
JLL and Capital Associates represented the seller, CBC Flex Lab LLC, and procured the buyer, Flex III Subsidiary LLC, a Tennessee 1031 buyer.
The Biomedical Partnership Center is located at 1001 William Moore Drive on the Centennial Biomedical Campus of North Carolina State University, which is home to the College of Veterinary Medicine, one of the top ranked veterinary schools in the nation. The on-campus location can allow tenants’ use of University facilities and amenities, and opportunities for collaboration. Located on 2.6-acres at the corner of Blue Ridge Road and Hillsborough Street, the property has convenient access to Interstates 40 and 440, Highway 54 and RDU International Airport. Additionally, the property is located across the street from the Terry Companion Animal Center and adjacent to the CVM Research Building. The Biomedical Partnership Center features two stories of Class A office flex/lab space that is 95% leased to multiple tenants.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ryan Clutter, Managing Director Scot Humphrey, Senior Director Christopher Lingerfelt and Director Zack Drozda. The Capital Associates team representing the seller was led by Tom Huff, Principal and Senior V.P.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Capital Associates
Capital Associates is a full-service commercial real estate company, providing development, leasing and sales, property management and consulting services for its own accounts, as well as third parties. Since 1983 Capital Associates is best known for its Class A office and built-to-suit projects. Capital Associates developed the Biomedical Partnership Center and is the property manager. For more information, please visit: capitalassociates.com.