JLL completes $59M sale of Raleigh’s Northside Center
The property comprises 14 office and light industrial buildings
CHARLOTTE, N.C., February 5, 2020 – JLL Capital Markets announced today that it has closed the $59 million sale of Northside Center, a 14-building light industrial and office portfolio totaling 548,560 square feet within the Raleigh-Durham MSA.
JLL marketed the property on behalf of the seller, a private family trust. The Spectrum Companies purchased the assets in partnership with FCA Partners.
Situated on 33.43 acres at Front Street and Industrial Drive, the Northside Center is within Midtown East, one of the best-performing and fastest-growing areas in Raleigh. The property is also adjacent to Interstate 440, Raleigh’s inner loop, which offers tenants easy access to Downtown Raleigh and North Hills. This infill location is also walkable to area restaurants and retail, including the new Wegman’s, which is the retail brand’s first location in North Carolina. Northside Center is 98% leased and comprises seven distribution/industrial warehouses, three multi-story office buildings and four single-story/flex properties.
The JLL Capital Markets team of Valerie Derrick and John Mikels, along with Chris Norvell, Scot Humphrey and Justin Good, formerly with JLL, represented the seller in the transaction.
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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
About JLL
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 The Spectrum Companies
The Spectrum Companies is a commercial real estate firm that changes lives by creating special places. Spectrum owns, develops, leases and manages commercial property across the Southeast. Spectrum has developed more than four million square feet of office space and 4,400 multifamily units. They manage a portfolio valued at $2 billion.
About FCA Partners
Charlotte, North Carolina-based FCA Partners is a real estate investment management company that pursues commercial real estate investment opportunities in high-growth markets on behalf of institutional capital. Currently, the firm manages a $1.4 billion portfolio of retail, office, medical office and multi-family assets primarily in high-growth markets throughout the Southeast. FCA creates value through the tactical deployment of capital and aggressive, hands-on asset management of real assets.