The Simpson Organization and Harbert Management Acquire Four-Building Park in North Raleigh, Appoint CBRE Leasing Agent
In a joint venture partnership, Atlanta-based The Simpson Organization and Harbert Management Corp. purchased the four office buildings that compose The Arbors in Raleigh, NC, from New York-based BlackRock for $21 million, or about $82 per square foot.
The buyers intend to invest an additional $6 million to upgrade and leasing vacant space in the portfolio. The acquisition is the ninth joint venture between Harbert Management Corp.'s real estate group and The Simpson Organization.
Built between 1984 and 1998, The Arbors Portfolio consists of four 1- to 3- story suburban office buildings located in Highwoods Office Park and includes Longleaf at 3200 Atlantic Avenue, Red Oak at 3128 Highwoods Boulevard, Magnolia at 3120 Highwoods Boulevard and Laurel at 3100 Highwoods Boulevard.
Positioned at the northeast quadrant of the intersection of Highwoods Blvd. and Atlantic Ave. just north of Interstate 440, the portfolio includes Capital Broadcasting, MANA, Liberty Mutual Insurance Co. and GTECH Corp. as major tenants. The buildings were a reported 57 percent occupied at the time of sale.
Ben Kilgore and Jeff Glenn of CBRE Raleigh, and Patrick Gildea and Ryan Clutter of
CBRE Charlotte, represented BlackRock. John Brewer and Brian Carr of CBRE l Raleigh have been given the leasing assignment. Please see CoStar COMPS #2847116 for more information on this transaction.