Starwood, Trinity Capital and Vanderbilt Sell North Carolina Seven-property Portfolio

9/20/17

CHARLOTTE, N.C.–(BUSINESS WIRE)–Holliday Fenoglio Fowler, L.P. (HFF) announces the $105.5 million sale of a seven-property office portfolio totaling 581,619 square feet within the Perimeter Park business park in Raleigh-Durham, North Carolina.

The HFF team marketed the offering on behalf of the seller, a joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners, and procured the buyer, an institutional investor.

The seven properties within the portfolio are located at 1500, 1600, 1700, 1800, 2000 and 2250 Perimeter Park and 3800 Paramount Parkway within the Research Triangle Park/Interstate 40 (RTP/I-40) submarket of Raleigh-Durham. The centrally located portfolio has easy access to Interstates 540 and 40 providing accessibility to residential neighborhoods in Cary, West Raleigh and North Raleigh as well as access to the Raleigh-Durham International Airport and the world-renowned Research Triangle Park. Completed in the 1990s and early 2000s, the portfolio is approximately 91 percent leased to a STEM-based tenant roster including QuintilesIMS, AECOM, TrialCard, UNC Physicians Network and Beacon Health Options, Inc.

“Investor interest in the portfolio was extraordinary, as Raleigh-Durham’s expanding economy continues to attract a significant amount of attention from institutional capital and opportunities of this scale and quality are difficult to find here,” said Humphrey.

“This transaction demonstrates the strong appeal and growing appetite from institutional investors for well positioned office investment opportunities in Raleigh-Durham and throughout the overall Carolinas market. Suburban office has proven to be a more challenging asset class to sell in many markets around the country yet the Carolinas continue to see significantly more interest and deeper bid pools than its peer markets. We believe this trend will continue for the foreseeable future resulting in an active selling environment in the region over the next few quarters,” commented Clutter.

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

About Starwood Capital Group

Starwood Capital Group is a private investment firm with a primary focus on global real estate. Since its inception in 1991, the Firm has raised nearly $43 billion of equity capital and currently has over $55 billion of assets under management. Over the past 26 years, Starwood Capital has acquired over $90 billion of assets across virtually every major real estate asset class. The diversified investment company today encompasses more than 3,400 employees and approximately 7,000 additional employees involved with multiple portfolio operating companies. Including affiliated operations, the Firm maintains offices in Atlanta, Chicago, Greenwich, Hong Kong, London, Los Angeles, Luxembourg, Miami, San Francisco and Washington, D.C.

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