Holliday Fenoglio Fowler, L.P. (HFF) announces the $17.75 million sale of Spring Forest Business Center, a three-building flex and office park totaling 156,036 square feet in Raleigh, North Carolina.
The HFF team represented the seller, a partnership between Somerset Properties and Alex. Brown Realty, Inc. Stoltz Real Estate Fund VI purchased the asset.
Completed between 1984 and 2002, Spring Forest Business Center features floor-to-ceiling glass windows, patio areas, high finished ceiling heights, eight dock doors, four drive-ins and the ability to accommodate a wide variety of uses, including office, R&D, showroom, call center or warehouse. The park is 94.7 percent leased to 10 tenants, including Critical Health Systems, Inc.; Allstate Insurance Company; Adreima; and Liberty Home Care. Situated on 14.8 acres at 3100, 3150 and 3200 Spring Forest Road, Spring Forest Business Center is located in the U.S.-1/Capital Boulevard submarket proximate to major highways, including Interstate 540 and 440 and Highway 401. The infill location is within walking distance to more than 15 restaurants and lifestyle amenities in addition to immediate access to two bus stops.
The HFF investment sales team representing the seller consisted of senior managing director Chris Norvell, senior director Scot Humphrey and director Patrick Nally.
“It was a pleasure to work with the HFF team to market this property and appreciate their ability to promptly secure a highly competent buyer for this property,” said Tony Brady, president of Somerset Properties.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.
About Somerset Properties
Somerset Properties is a full service real estate investment and operating company led by a team of career specialists in acquisitions, development, property management, leasing, financing, accounting and reporting. Since 1996, Somerset Properties has been helping high-net-worth families achieve their investment and generational investors achieve their goals through value creation strategies focused on underperforming assets where we see intrinsic value and an opportunity to reposition the property and provide steady growth with a strict emphasis on preservation of capital. Somerset Properties focuses primarily on office, industrial, flex and multi-family properties in growth markets throughout the eastern United States. Somerset Properties is an experienced joint venture operating partner with institutional and private equity capital providers. Visit http://somprop.com for more information.
About Alex. Brown Realty, Inc.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. More information can be found on the company’s website www.abrealty.com.
About Stoltz Real Estate Partners
Founded in 1957, Stoltz Real Estate Partners is a vertically-integrated real estate fund manager, headquartered in the Bala Cynwyd, Pennsylvania. Stoltz currently owns and operates retail, office, industrial and multifamily investments throughout the United States. With satellite offices around the country, Stoltz maintains the national presence required to strategically lease and manage its real estate portfolio. Its experienced senior management team maintains a hands-on approach through all phases of the real estate investment and management process, enabling Stoltz to maximize returns for its investors. For more information, visit http://www.stoltzusa.com.
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. 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). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.