Triangle-area office building trades for $36.8 million
JLL Capital Markets led sales efforts for Innovation I, a Class A property in the Imperial Center Business Park
RALEIGH, N.C., May 26, 2021 – JLL Capital Markets announced today that it has closed the $36.8 million sale of Innovation I, a 139,163-square-foot, Class A office building in Durham, North Carolina.
Completed in 2020, Innovation I offers four stories of office space that is 74% leased and anchored by Biogen. On-site amenities include a cafeteria, electric car charging stations and walking/jogging trails throughout the park.
Innovation I is located at 831 Slater Road within Imperial Center Business Park, a 450-acre business park with retail, restaurants, hotels, office space, industrial, flex and medical office space in the Research Triangle. The park is positioned near the Interstate 540 and 40 interchange providing superior connectivity to the entire Triangle region, including the nearby Raleigh-Durham International Airport, Duke University and the University of North Carolina at Chapel Hill.
The JLL Capital Markets team representing the seller was led by John Mikels, Chris Lingerfelt, Daniel Flynn, Ryan Clutter and Patrick Nally.
“The Triangle is a thriving innovation market that has demonstrated unwavering resiliency during unprecedented times,” Mikels said. “We’ve seen consistent population and corporate growth in the region, and it continues to attract new investors both domestically and internationally.”
According a recent JLL news release, Raleigh-Durham is one of the growth markets that residents and investors are being drawn to for its low cost of living and attractive lifestyle. Raleigh-Durham has witnessed population growth of more than 18% since 2010 and employment growth of more than 22%.
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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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 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell has completed over 360 development projects totaling 85 million SF. The value of all their projects is estimated at over $5 billion. scannellproperties.com
About Northridge Capital, LLC
Northridge Capital, LLC is an independent real estate asset management firm that has invested since its founding in 1997 in over 50 assets on behalf of its investors with a combined acquisition value of approximately $1.26 billion. Based in Washington, DC, the company works mainly with overseas institutional and individual investors to successfully define and implement customized strategies for investing in US commercial real estate. Northridge focuses on generating superior risk-adjusted returns for investors by acquiring, managing, and selling real estate assets across a wide variety of property types and located in strategic geographic areas. For further information, visit northridgecapital.com.