Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $16.4 million sale of a 158,954-square-foot, fully leased, Class A industrial distribution facility in Raleigh, North Carolina.
HFF represented the seller, a partnership between Scannell Properties and Brookwood Capital Partners. Stockbridge Capital purchased the asset on behalf of a client.
Completed in 2017, 221 South Rogers Lane is fully leased to Wake County EMS, Cosentino North America and SRS Distribution. The state-of-the-art building features tilt-up concrete construction, 30-foot clear heights, an ESFR sprinkler system and can accommodate up to 31 dock-high doors. Situated in Raleigh-Durham’s East Wake industrial submarket, the property is proximate to Interstate 495, which provides access to Interstates 40, 440, 540 and 95.
The HFF investment sales team representing the seller was led by senior managing director Chris Norvell and associate director Patrick Nally.
About Scannell Properties
Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects throughout the U.S. and Canada. In business since 1990, the company offers experienced leadership, a history of successful commercial development projects, broad geographic reach and expertise in a wide range of building types. For more information, visit http://www.scannellproperties.com.
About Brookwood Capital Partners
Brookwood Capital Partners (“BCP”) specializes in build-to-suit and speculative property development, as well as value-add acquisitions and real estate asset management. Since 2006, BCP has completed over 45 projects totaling more than 3.7 million square feet. With projects ranging from 15,000 square feet to 400,000+ square feet, BCP has a presence in 17 states across the US. For more information, visitwww.brookwoodcapitalpartners.com.
About Stockbridge Capital
Stockbridge Capital (“Stockbridge”) is a real estate investment management firm that represents many of the largest public and private pension funds in the U.S. and numerous internationally-based investors including major sovereign wealth funds. Stockbridge invests in all major property types using core, value-added and opportunistic risk strategies. Led by a team of industry professionals with decades of experience, Stockbridge and its affiliates had approximately $11.1 billion of assets under management throughout the United States as of Q1 2017. Stockbridge is headquartered in San Francisco with offices in Atlanta, Chicago and New York. Visit http://stockbridge.com for more information.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.