Triangle-area flex/R&D asset trades for $21.3M
JLL Capital Markets cites rising demand for flex/R&D supply amongst diminishing stock in Raleigh Durham market
CHARLOTTE – September 16, 2021 – JLL Capital Markets announced today that it has closed the $21.3 million sale of 1100 Perimeter’s Edge, a 84,748-square-foot, flex/R&D facility in the Raleigh Durham area of North Carolina.
JLL marketed the property on behalf of the seller, Singerman Real Estate, and procured the buyer, Nuveen.
Originally built in 1990, 1100 Perimeter’s Edge is a single-story flex facility positioned on a 9.45-acre site. The property features flexible floorplates, four 8’ x 8’ loading docks and one 12’ x 12’ drive-in loading dock. 1100 Perimeter’s Edge is currently 97% leased to a mix of life science and STEM firms.
Located at 1100 Perimeter Park Dr., the property is part of Perimeter Park, Raleigh-Durham’s premier business park with more than three million square feet of mixed-use space. The property is also adjacent to Research Triangle Park, the largest dedicated scientific research park in the country.
Raleigh-Durham is one of the top five life science clusters in the nation and is benefitting from robust corporate relocations and in-migration to the region as companies and employees seek low cost of living, high quality of life and business friendly locales. As such, the available supply of flex/R&D space is diminishing as many properties have been converted to dedicated life science space.
The JLL Capital Markets team representing the seller was led by Director John Mikels, Director Daniel Flynn, Senior Director Chris Lingerfelt, Senior Managing Director Ryan Clutter and Analyst Woody Flythe.
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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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 Singerman Real Estate
Singerman Real Estate, LLC (“SRE”) is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies.
Nuveen Real Estate is one of the largest investment managers in the world with $139 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, Nuveen provides access to every aspect of real estate investing.
With over 85 years of real estate investing experience and more than 640 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit: nuveen.com/realestate *Includes 320+ real estate investment professionals, supported by a further 320+ Nuveen employees. Source: Nuveen, 30 Jun 2021.