Liberty Property Trust acquired approximately 36 acres in Durham, NC from Summit Church-Homestead Heights Baptist Church, Inc. for $4 million, or approximately $112,000 per acre.
The vacant land located at TW Alexander Dr. between Page Rd. and Miami Blvd. will be developed into an industrial park consisting of four multi-tenant warehouse buildings totaling 462,000 square feet. The industrial park will be the first institutional grade, Class A project to be built in Raleigh-Durham in the past 10 years.
Butch Miller, Ann-Stewart Patterson and Daniel Jackson of CBRE Raleigh will handle the leasing for the industrial park.
Chester Allen, Carlton Midyette and Barry Bowling of CBRE Raleigh represented the seller, while the buyer was self-represented.
Please see CoStar COMPS #3069307 for more information on this transaction.