Feb
18

580,000 SF Warehouse Sold for $46.29/SF

By

The massive 900 Aviation warehouse building in Morrisville, the largest in Wake County, has been sold to a new investor group from Los Angeles for $26.85 million.

A real estate fund affiliated with Ares Management in Los Angeles bought the 580,000-square-foot building from the Chicago real estate firm Pearlmark Real Estate Partners, a company that was formerly known as Transwestern Investment Corp.

Transwestern had acquired 900 Aviation in 2011 in an “in lieu of foreclosure” deal valued at $13 million, according to Wake County records. At the time of the sale, the industrial building with 56 dock-high loading doors and 30-foot ceilings was 93 percent leased.

READ MORE HERE

Be Sociable, Share!
    Categories : Raleigh

    Comments are closed.