Durham Industrial Portfolio Sold by HFF


hff logoHolliday Fenoglio Fowler, L.P. (HFF) has announced that it has closed the $35 million sale of a two-building, 100-percent-leased, Class A industrial portfolio totaling 448,385 square feet in Durham, North Carolina.

HFF marketed the property on behalf of the seller, Stoltz Real Estate Partners. Principal Real Estate Investors purchased the portfolio.

The portfolio comprises Tech Distribution Center and Tri-Center North V. The 245,000-square-foot Tech Distribution Center is located at 2012 T.W. Alexander Drive and features a two-story glass entrance along with 30’ clear heights, 50’ by 50’ column spacing, 180’ deep truck courts and 24 dock-high doors. Completed in 2001, the facility has approximately 28,000 square feet of office area (11.4 percent of the building). Located at 3500 Tri-Center Boulevard, the 203,385-square-foot Tri-Center North V is situated on 20 acres within Research Tri-Center, a 130-acre master-planned industrial park. Originally constructed as a built-to-suit for IBM, the facility has both a 185’ deep truck court and a 120’-130’ truck court, providing a significant opportunity for on-site trailer storage in addition to almost 20,000 square feet of office space (9.7 percent of the building). The portfolio is home to The Steel Network, Professional Mail, Phoenix Telecom and Iron Mountain (NYSE: IRM). Both properties are within the RTP/I-40 submarket, the largest industrial submarket in the Raleigh-Durham area, and are adjacent to Research Triangle Park with easy access to Interstates 40, 85 and 540.

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell.

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