1500 Sunday in Raleigh trades for $14.6M
JLL Capital Markets led the sales efforts for the office building in the West Raleigh submarket
CAROLINAS, August 1, 2022 – JLL Capital Markets announced today that it has closed the sale of 1500 Sunday Drive, a boutique office building totaling 61,227 square feet in Raleigh, North Carolina.
JLL represented the seller, TriGate Capital, and procured the buyer, an investor advised by Zurich Alternative Asset Management, LLC (“ZAAM”) of New York.
1500 Sunday Drive is positioned within the West Raleigh submarket of Raleigh, close to Downtown Raleigh, NC State University, Raleigh-Durham International Airport and PNC Arena. The property is also near Fenton, which is the first vertically integrated, mixed-use destination in Cary offering more than 2.5 million square feet of retail, office, restaurant, hotel and multi-housing space. 1500 Sunday Drive has convenient access to Interstates 40 and 440 as well as US-64, which provide connectivity to the entire Raleigh-Durham area, including the growing residential areas of Apex, Holly Springs, Garner and Morrisville.
Originally built in 2000 and renovated in 2018, the three-story building is currently 91.1% leased. The diverse tenant roster consists of companies in the accounting, healthcare, insurance and technology sectors.
The JLL Capital Markets team representing the seller was led by Directors Daniel Flynn and John Mikels, Senior Managing Director Ryan Clutter, Managing Director Chris Lingerfelt and Analyst Sarah Holloway. ZAAM was represented in the acquisition by Roy Rosenbaum, Executive Director of Acquisitions, and Sean Bannon, Managing Director and Head of US Real Estate.
“This sale is further evidence that well-located assets in high growth markets with strong fundamentals are still attracting elevated investor interest despite broader macroeconomic headwinds,” added 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 sales and 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About TriGate Capital
TriGate Capital is a leading real estate investment manager focused on the recapitalization and repositioning of quality commercial real estate assets and companies. To learn more, please visit: www.trigatecapital.com.
About Zurich Alternative Asset Management
ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family properties and has directly acquired over $2 billion of assets since 2013. ZAAM also repositions and restructures non-core, value-added and opportunistic assets aggregating just under $1 billion. ZAAM recently launched an open-ended third-party fund with initial investing capacity approximating $500 million for international investors in core and core plus assets, and continues to add to its balance sheet portfolio under management, which spans across 26 states. The core acquisition program is focused on 20 major markets throughout the United States.