A large portfolio of office flex space in Raleigh-Durham, N.C. has sold to a group of private Midwestern investors for roughly $56 million. On Monday, Lutz Real Estate Investments of Detroit and Chicago-based Capri Capital Partners bought the 631,582 sq. ft. Raleigh Flex Portfolio.
The portfolio consists of 11 one-story office flex buildings that are located within two separate business parks: Perimeter Park (now renamed EastRidge at Perimeter Park) and Spring Forest Business Center.
“This acquisition was an opportunity for us to acquire a critical mass of real estate in one of our targeted markets,” says Adam Lutz, principal of Lutz Real Estate Investments.
“Its proximity to the Research Triangle Park, its access to a significant labor pool and the lack of competitive development sites will secure Spring Forest and EastRidge at Perimeter Park’s position well into the future.”
The EastRidge complex consists of 477,495 sq. ft. of space distributed between eight buildings. The park’s 18 tenants are chiefly technology firms and laboratory users that are part of the Research Triangle Park.
The three-building Spring Forest Business Center complex has 154,087 sq. ft. of space in three buildings. Its 15 tenants hail from a broader range of industries than the EastRidge complex.
Both properties are located near three major universities, among them the University of North Carolina at Chapel Hill.