July 21, 2016
Three high-profile industrial properties on the outskirts of Research Triangle Park in Durham, NC have sold for a total of $45 million.
Principal Real Estate Investors, based in Iowa, acquired Research TriCenter North V on Northeast Creek Parkway, and the Tech Distribution Center at 2012 T.W. Alexander Dr. for $35 million. Pennsylvania-based Stoltz Real Estate Partners was the seller. Both buildings, totaling 454,000 square feet, were 100% occupied.
Meanwhile, Trinity Capital Advisors and SilverCap Partners struck a $10.2 million deal with Raleigh investor Wayne Bailey to buy the 272,400-square-foot Research TriCenter North III-IV buildings, which were 54% leased.