News release

Two new industrial and life sciences buildings trade in Durham

JLL Capital Markets arranges the sale of the newly constructed Patriot Park Buildings 3 and 4 adjacent to Research Triangle Park

October 27, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

RALEIGH, N.C., Oct. 27, 2021 – JLL Capital Markets announced today that it has closed the sale of Patriot Park Buildings 3 and 4, two new, fully leased industrial and biomanufacturing assets totaling 374,812 square feet near Research Triangle Park in Durham, North Carolina.

JLL worked on behalf of the seller, Strategic Capital Partners. JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $5.1 billion in portfolio assets advised by LaSalle Investment Management, acquired the portfolio. 

Patriot Park Buildings 3 and 4 were developed as the second phase of the master-planned Patriot Park. The best-in-class buildings possess a multitude of institutional-quality features and are leased to KBI BioPharma and Taysha Gene Therapies.

Located at 5 and 47 National Way, the facilities are positioned adjacent to the world-renowned Research Triangle Park, the largest dedicated scientific research park in the U.S. Patriot Park Buildings 3 and 4 are extremely well located at the center of the market just two miles from Interstate 40, which provides immediate access to Interstates 540 and 440, and is just 3.5 miles from Raleigh-Durham International Airport.

The JLL Capital Markets team representing the seller was led by Managing Director Patrick Nally, Senior Managing Director Pete Pittroff and Directors Dave Andrews and Daniel Flynn.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Strategic Capital Partners

Strategic Capital Partners (“SCP”) launched in 2005 as the manager of a $20 million private equity commercial real estate investment fund. They are now the developer, owner, operator and general partner in more than 9 million square feet of office, industrial, multi-family and student housing properties valued at more than $980 million. SCP focuses on generating attractive returns for its investment partners. Their entrepreneurial team applies decades of experience in speculative, build-to-suit and master-planned projects to identify top-tier markets with strong job growth and absorption trends that contribute to attractive investment returns. Their team is rich with highly seasoned commercial real estate professionals and their expertise includes acquisitions, dispositions, brokerage, construction, development, finance, leasing and asset and property management. Their leadership’s history spans three decades. The properties they developed and acquired during that time include some of the largest office and industrial projects in the country. 

About LaSalle Investment Management

LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle Investment Management manages approximately $73 billion of assets in private equity, debt and public real estate investments as of Q2 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit lasalle.com and LinkedIn.