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Continental Realty Acquires Raleigh Office Portfolio

CBRE|Raleigh Facilitates Sale Of Brook Forest I & Centerview III
September 20, 2013
Archon/Goldman Sachs sold two office properties, originally acquired in a six-property portfolio purchase in January 2012, to Virginia Beach, VA-based Continental Realty Services for $17.8 million, or about $130 per square foot.

Brook Forest I is a three-story office complex located at 1616 E. Millbrook Rd., southwest of the Old Wake Forest and Millbrook intersection. The facility totals a little more than 65,000 square feet and houses such tenants as Post, Buckley, Schuh & Jernigan, Inc., Moffatt & Nichol Engineers and PowerSecure International, Inc.

Constructed in 1999, Centerview III is also a three-story office complex, located at 5565 Centerview Dr. in West Raleigh. Also known as the Forsyth Building, the property totals nearly 72,000 square feet and is home to Teradata Corporation, Stantec, Inc. and Sageworks, Inc.

Ben Kilgore an executive vice president at CBRE|Raleigh, said, "Combined, the buildings are 94.55% leased with proven high tenant retention and occupancy levels."

Kilgore, Jeff Glenn, Brad Corsmeier, and Brian Carr of CBRE|Raleigh represented the seller.

Please see CoStar Comp #2824794 for additional information on the transaction.

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