West Raleigh office building trades for $27.75M
JLL Capital Markets led the sales efforts for the Class A Trinity Place property
RALEIGH, N.C. – April. 8, 2021 – JLL Capital Markets announced today that it has closed the $27.75 million sale of Trinity Place, a 113,368-square-foot, Class A office building in Raleigh, North Carolina.
JLL represented the seller, Origin Investments, and procured the buyer, JPB Raleigh Holdings, represented by Tri Properties | NAI Carolantic.
Located at 1201 Edwards Mill Rd, Trinity Place is ideally situated in the heart of West Raleigh with immediate proximity to downtown Raleigh, Fenton, PNC Arena and the world-renowned local universities, including Duke, UNC-Chapel Hill and NC State University. Additionally, the property has excellent regional connectivity via Interstates 40 and 440.
Currently 93.4% leased, Trinity Place is home to a strong tenant roster spanning multiple industries including PR/media relations, insurance, business services, data processing, real estate, among others. The building offers Class A finishes and floor-to-ceiling windows, paired with ample parking in a suburban campus setting.
JLL’s Capital Markets team representing the seller was led by Senior Director Chris Lingerfelt, Senior Managing Director Ryan Clutter, and Director John Mikels.
“Trinity Place features long-term tenant stability paired with the opportunity to achieve immediate upside through the lease-up of available space,” Lingerfelt said. “This asset is well-positioned in a flourishing West Raleigh location and will continue to benefit from the strength of The Triangle market, which has become one of the nation’s hottest innovation markets and demonstrated unwavering resiliency during the pandemic.”
During its five-year ownership, Origin increased occupancy by 25% and cultivated a credit quality tenant roster combining long-term stability with upside through additional leasing.
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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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, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Origin Investments
Origin Investments is a private equity real estate manager that provides individual investors, family offices and advisors with institutional-quality real estate to build and preserve wealth. Orgin acquires, develops and operates multifamily real estate across 11 fast-growing markets in the U.S. Since its founding in 2007, Origin has executed more than $2 billion in real estate transactions and its principals have invested more than $56 million alongside its investors. Origin prides itself on offering unparalleled service to its investors and has been regularly named a consistent top-performing fund manager by Preqin, an independent provider of data on alternative investments. Origin has raised more than $350 million for its open IncomePlus and Qualified Opportunity Zone Funds and is accepting new investors today. To learn more, please visit origininvestments.com.