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Imperial City Portfolio Trades for $23.6 Million

Longfellow Closes On 187,651-SF Flex and Laboratory Investment
March 14, 2014
Longfellow Real Estate Partners, a Boston-based firm involved in investment management, development, construction and asset management, acquired a four-property portfolio from Crown Realty & Development for slightly more than $23.6 million, or approximately $125 per square foot.

Three of the buildings - Royal Center I, II and III - are located at 4222 Emperor Blvd., while the fourth building is located at 4301 Emperor Blvd. All four of the properties are single-story flex and laboratory facilities and were constructed within the Imperial Center Park in Durham, NC.

Currently sporting an occupancy rate of 76%, the portfolio is leased to an array of medical and research companies, including Pearl Therapeutics, Neusentis, and Zoetis.

Chris Norvell and Scott Humphrey of Cushman & Wakefield's capital markets group negotiated the transaction on behalf of Crown Realty & Development.

Please see CoStar Comp #2976645 for more information.

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