December 17th, 2020
Tri Properties | NAI Carolantic today announced the sale of 13000 Weston and 14001 Weston Parkway. The portfolio transaction consisted of two flex properties in Cary, North Carolina, totaling $25 million for 137,759 square feet over 25.68 acres.
“We felt it was the right time to realize gains and focus on a number of other opportunities we are working on in the Triangle, which we remain deeply committed to,” says John Buchheit, Manager of JPB Raleigh Holdings.
The Weston properties, which are 95% leased were owned by JPB Raleigh Holdings out of Park City, Utah. The buildings feature a strong tenant mix including McKesson, World Courier, Kryosphere and are located in the prominent Weston Parkway of Cary. Alidade Capital is the purchaser and continues to add to its Raleigh/Durham portfolio.
Jimmy Barnes, Executive VP of Tri Properties | NAI Carolantic, who handled the transaction on behalf of the owner commented, “There has been a major real estate grab for life science buildings in the Triangle in 2020, so we knew that offering these buildings with biotechnology, pharmaceutical and medical/drug distribution tenants would be attractive to investors despite the pandemic challenges.”
JPB Holdings acquired the Weston properties in 2015 and 2016 and successfully renovated and leased them during its ownership. According to CoStar, Alidade Capital already owns fifteen properties in the Triangle, four of which are flex and majority of them (seven) residing in the Cary submarket.
About Tri Properties | NAI Carolantic: Tri Properties | NAI Carolantic is the Triangle region’s leading full service commercial real estate company. The firm specializes in all facets of commercial real estate including brokerage and leasing, construction management, consulting, development, property management, tenant corporate services and investment services. The firm boasts over 75 collective years of real estate experience in the Triangle region with a combined sales and lease portfolio of more than 12.7 million square feet and 7,000-plus acres of land.