JLL closes $40.9M sale of Raleigh-Durham office/life science portfolio

CHARLOTTE, March 3, 2020 – JLL Capital Markets announced today that it has closed the $40.9 million sale of Bradford Center and Berrington Center, two fully leased single-story office and R&D buildings totaling 224,779 square feet in Raleigh-Durham, North Carolina.

JLL represented the seller, an affiliate of Crown Realty & Development, and procured the buyer Alidade Capital, in an off-market transaction.

Constructed in 1999, the 121,833-square-foot Bradford Center and 102,896-square-foot Berrington Center feature highly specialized lab buildouts, office/training space, an above market parking ratio of 5.20/1,000 along with capacity for future expansion on site. The buildings are part of Durham's Imperial Center and are situated on 30 acres at 5827 and 5927 S. Miami Blvd. east of Research Triangle Park and near the intersection of Routes 40 and 540 in the premier life science submarket, RTP/I-40. The portfolio is less than six miles from Raleigh-Durham International Airport and at the epicenter of the region’s three Tier 1 Research Universities.

The JLL Capital Markets team representing the seller included by Ryan Clutter, Scot Humphrey, Chris Norvell and Valerie Derrick. The seller’s team was led by Kreg Groat, COO; Ann Vera, vice president of Transactions; and Nikkie Marion, senior asset manager.

“With long term leases and the property’s strategic location to many of the tenant’s headquarters, this was a great opportunity for the buyer,” Groat said.  

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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Crown Realty & Development was established in 1994 by Robert Flaxman and Jaime Sohacheski to apply intelligent real estate strategies with determined and reliable execution. Headquartered in Orange County, California, with offices in Los Angeles and Scottsdale, Arizona, the firm’s current portfolio consists of office, retail, entitled multifamily land, flex and industrial properties with a total portfolio value approaching $700 million in value. Crown has a deep and demonstrated understanding of the relationships among people, places and results. Crown leverages the broad skill set of an exceptional team and market-based foresight to uncover and create value in unexpected places. Long-term relationships anchored by trust and transparency are the cornerstone of the company.    

Alidade Capital is a fund manager and Registered Investment Advisor that currently manages four real estate value-add funds. Alidade Capital currently manages four private equity funds focused on value-add real estate investments in select secondary markets.