Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $23 million sale of 400 Regency Forest, a 111,639-square-foot, Class A office property within Regency Park in Raleigh-Durham. The sale also included an adjacent 11.23-acre development site that can potentially support up to 110,000 square feet of additional office development.

HFF marketed the property on behalf of the seller, Petrus Partners, Ltd., and procured the buyer, EPIC Regency LLC.

400 Regency Forest is situated on 8.51 acres within the Regency Park office park, which is surrounded by the executive neighborhoods of Regency, MacGregor Downs, Lochmere and Prestonwood Country Club. This location, at the confluence of U.S. Highways 1 and 64, provides tenants convenient regional access as well as access to the local retail and entertainment amenity base in Cary. Completed in 2000, 400 Regency Forest is 96.4 percent leased to tenants including Caterpillar, Inc., which operates its corporate headquarters for their Building and Construction Products (BCP) division on site; Pentair, Inc. and Mediant Communications, Inc.

The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing directors Ryan Clutter and Chris Norvell and managing director Justin Good.

“Class A office buildings in desirable areas of Raleigh-Durham such as Regency Park continue to be highly sought-after by investors looking to capitalize on the Research Triangle’s strong fundamentals,” commented Humphrey.

“We continue to see more and more institutional investors target Raleigh-Durham and the Carolinas overall,” added Clutter. “We anticipate this trend not only continuing, but gaining momentum in 2017 as the region continues to outperform many of its peer markets.”

About Petrus Partners, Ltd.

Petrus Partners Ltd., along with its affiliate, Crown West Realty, LLC, is a vertically-integrated real estate and real asset fund management and operating company founded in 1992. The Petrus-Crown West Group includes 50 professionals located in regional offices in New York, Denver, Phoenix, Tucson, and Spokane, Washington.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.