The three industrial properties that make up the Research Triangle Industrial Center in Morrisville, NC sold to Tampa, FL-based Peter Lawrence Co. for $9.25 million.
Located at 409 Airport Blvd., the three properties total 153,629 square feet and were constructed in 1982 on a 10.44-acre site near the Raleigh-Durham International Airport and Research Triangle Park.
The complex was 93 percent occupied at the time of sale, housing such tenants as Towne Air Freight, Carolina Office Xchange, Diversified Information Technologies, and Wellspring Bakehouse, according to CoStar information.
Chris Norvell and Scott Humphrey of Cushman & Wakefield | Thalhimer’s Capital Markets Group negotiated on behalf of the seller, Cambridge Hanover.
The buyer, Peter Lawrence Co., is a privately held commercial real estate
firm involved in the acquisition, development, and management of investment grade commercial properties. The Company currently handles approximately 3.2 million square feet, predominantly in its home city of Tampa, as well as Miami and the Washington, DC/Northern Virginia markets.
Please see CoStar Comp #2794287 for additional information on the transaction.