News release

Triangle-area office portfolio trades to new investor

JLL Capital Markets led sales efforts for six office properties within Imperial Center in Durham, North Carolina

December 08, 2021

Kristen Murphy

Investor PR, Capital Markets, Hotels, Property Management, Valuation Advisory, Agency Leasing
+1 617 848 1572

Raleigh, N.C., Dec. 8, 2021 – JLL Capital Markets announced today that it closed the sale of six office buildings totaling 408,572 square feet within Imperial Center in Durham, North Carolina.

JLL marketed the portfolio on behalf of the seller, OA Development, an Atlanta-based real estate investment and development firm.

The six properties are located at 4721, 4813 and 4815 Emperor Blvd. and 1005, 1007 and 1009 Slater Rd. within Imperial Center, Raleigh-Durham’s largest business park boasting 456 acres and more than four million square feet of mixed-use space. Imperial Center is home to more than 69 companies and 5,000 employees and is strategically located close to the Interstate 40 and 540 interchange, providing access throughout the Triangle Region, including the RDU International Airport and Downtown Raleigh.

Currently 92.5% leased overall to 50 tenants, the Imperial Center portfolio is home to an attractive healthcare and STEM-oriented tenant roster that is representative of the Triangle area’s core industries. The three- and four-story properties sit on a total of 28 acres.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ryan Clutter, Senior Director Chris Lingerfelt and Directors Daniel Flynn and John Mikels. JLL's Hillman Duncan and Patti Autry have been retained to handle leasing for the project.

“The Imperial Center offering offers tremendous value-add potential through the immediate lease-up of available space while providing stable cash flow from the predominately healthcare and STEM-oriented tenant roster,” Lingerfelt said.

“Our Imperial Center portfolio performed exceptionally well through the pandemic and exceeded our business plan in terms of leasing demand, rental rate growth and overall performance,” explained Josh Videlefsky, director, OA Development. “This made for a successful venture for our partners, and we are confident that the next owner will also do well given Raleigh-Durham’s continued growth and Imperial Center relevance in a bulls-eye location.”

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.

For more news, videos and research resources on JLL, please visit our newsroom.


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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About OA Development

Founded in 1993, OA Development is a privately held, integrated commercial real estate firm that invests in and manages office and industrial assets throughout the Southeast.  The company’s expert team curates sound investments, operates with transparency, sustains loyal partnerships and captures consistent value through opportunistic commercial real estate investing.  For more information, visit OAdevelopment.com