Equator Capital Management and OCS Capital complete purchase of Morrisville mall
JLL marketing redevelopment of property into 248,000 square feet of creative office space
Morrisville, N.C., May 6, 2019 – A joint venture between Equator Capital Management and OCS Capital has acquired the former Morrisville Outlet Mall and plans to redevelop the property into 248,000 square feet of Class A creative office space called The Factory.
Located on 25 acres just off Interstate 40, The Factory will offer creative suburban office product at a central location less than two miles from Raleigh-Durham International Airport and only 10 minutes from Research Triangle Park.
Expected to be complete in the spring of 2020, the adaptive reuse project is targeting forward-thinking companies seeking a unique campus environment, and the entire property will be completely reimagined to accommodate the sophisticated demands of the area’s unique workforce. Renovations will include upgraded landscaping, a new, modern lobby, outdoor amenities and an above average parking ratio.
Equidistant from downtown Durham and downtown Raleigh, The Factory will provide tenants with efficient access to the highly regarded labor pool of the greater Triangle region.
“The creative office market is one of the most in-demand segments in commercial real estate today but remains relatively rare, not only in the Triangle but across the U.S.,” says Mehul Patel, CEO of Equator Capital Management. “With The Factory, we have a timely opportunity to deliver an innovative new workspace that will allow tenants to differentiate themselves as they compete for top talent.”
The Factory is Equator Capital Management’s fifth acquisition in the Triangle, joining a portfolio that includes two office and retail buildings in Durham (Rogers Alley and City Hall Plaza) and self-storage properties in Durham and Raleigh.
John MacDonell with JLL is marketing The Factory with David Adams. Gensler is the architect on the project, Choate Construction Company is the general contractor and Kimley-Horn is the civil engineer.
Sanjay Mundra and David Peterson of SVN HPW represented the previous owner on the sale, and Gray Rodgers of SVN HPW represented the buyer.
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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.