Southport Business Park in Raleigh-Durham sold
JLL Capital Markets closed the sale of the 17-building flex-to-life science conversion opportunity
CHARLOTTE, December 1, 2020 – JLL Capital Markets announced today that it has closed the sale of Southport Business Park, a 17-building life science conversion opportunity located in the Raleigh-Durham, North Carolina market.
JLL represented the seller, GID. A joint venture between funds affiliated with Starwood Capital Group and Trinity Capital Advisors purchased the asset.
Southport Business Park is a 911,702-square-foot, light industrial/flex park situated at the center of the Raleigh-Durham market. Already with a significant existing lab footprint, the park sets up well for further conversion to life science in the Raleigh-Durham market, which is consistently ranked as a Top 5 Life Science Cluster in the United States. Additionally, the property is positioned just minutes away from Raleigh-Durham’s Research Triangle Park, the largest dedicated scientific research park in the country.
The Raleigh-Durham market has been experiencing a significant influx of life science users, with lab renters more than doubling over the last decade. Spin offs from the three Tier 1 research universities in the region, organic growth of existing users and an unprecedented number of life science relocations continues to secure Raleigh-Durham’s position as one of the top real estate markets in the nation.
The JLL Capital Markets team representing the seller was led by Senior Director Patrick Nally, Senior Managing Director Ryan Clutter and Associate Valerie Derrick.
“On behalf of GID, we’d like to congratulate JLL on marshaling an intense marketing and due diligence process leading to a successful closing within a very tight timeframe,” says Gary Kroll and Rich Sullivan of GID.
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 sales 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. 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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.