Triangle office building sold to local investor
JLL Capital Markets closed the $10.7M sale of the Cary, N.C., asset to Crescent 1400 LLC
CHARLOTTE, N.C., Jan. 12, 2021 – JLL Capital Markets announced today that it has closed the $10.7 million sale of a 50,070-square-foot office building at 1400 Crescent Green in the Raleigh-Durham community of Cary, North Carolina.
1400 Crescent Green is situated on 3.39 acres within The Crescent, one of the region’s top mixed-use parks with entertainment, retail and lifestyle destinations. The building is in the Cary submarket, one of Raleigh-Durham’s most desired locations, and in an urban, infill location 10 miles from downtown Raleigh, 15 miles from Research Triangle Park and 12 miles from Raleigh-Durham International Airport.
Completed in 1999, the four-story premier office property is 87 percent leased to a diverse roster of law, financial services, consulting, healthcare and mortgage service tenants with long-term, historical tenure at the property. The property features covered executive parking, storage spaces and walking trails along with access to nearby amenities.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ryan Clutter, Senior Director Chris Lingerfelt and Director John Mikels.
“The sale of 1400 Crescent Green demonstrates the continued investor demand in our Raleigh/Durham market, as well as Cary proper,” Mikels said. “Well-amenitized office properties like 1400 that are proximate to nearby retail and affluent neighborhoods are continuing to see high investor interest and cap rate compression.”
Gregg Marks and Yezen Hamad of Triland Property represented the buyer, and Hamed will continue as manager of the purchasing entity.
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.