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Principal Real Estate Investors Acquires PowerSecure Industrial Campus

Scannell Properties Sells 258,060-SF Industrial Park in Durham
November 30, 2017
Principal Real Estate Investors, the real estate arm of Des Moines, IA-based global financial investment management leader Principal Financial Group (NYSE: PFG), closed on a deal with Scannell Properties out of Indianapolis to acquire the PowerSecure Industrial Campus in Durham, NC for $27.15 million, or about $105 per square foot.

The two-building, 258,060-square-foot industrial campus houses assembly, distribution and R&D operations for PowerSecure Inc., a Wake Forest, NC-based utility and energy technologies provider and a subsidiary of Southern Co. that fully occupies the complex on a triple net deal.

Completed this past June at 4062-4068 Stirrup Creek Dr., the campus consists of a 172,500-square-foot assembly and distribution building, and an 85,560-square-foot warehousing and R&D facility. Features of the complex include 28- to 30-foot clear heights and 130-foot truck courts.

The PowerSecure Industrial Campus is located on 22.6 acres within the Triangle Business Center, a 160-acre, master-planned business park in southeast Durham. It sits in close proximity to I-40 and I-540, as well as the Raleigh/Durham International Airport.

Chris Norvell and Patrick Nally of HFF's investment advisory team represented Scannell Properties in the sale.

“Despite being one of the smallest per capita industrial markets in the country, the Raleigh-Durham region continues to be an extremely high performing market relative to rental rate growth and sales activity,” Norvell said. “Industrial facilities located in the RTP/I-40 submarket are well positioned to capture that momentum, particularly given the development constraints in that area.”

Please see CoStar COMP #4067238 for more information on this transaction.
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