April 5th, 2021
Tri Properties | NAI Carolantic today announced the sale of a four-story, Class A office building, Trinity Place, prominently located across from PNC Arena at 1201 Edwards Mill Road in Raleigh, North Carolina. The transaction consisted of the entire 113,368 square foot building on 6.29 acres and totaled $26.5 million.
The purchase by JPB Raleigh Holdings illustrates its continued confidence in the Triangle real estate market. The Triangle office vacancy rate has performed better than national rates and currently sits at 11.27%. A recent report published by Crowdstreet ranked Raleigh-Durham as the #1 Best Places to Invest in 2021. It stated, “Our clear #1 market for 2021, Raleigh-Durham ranks 3rd or better across four strategies. With its proximity to top universities, world-class research facilities, a highly educated workforce, relative affordability, and increasingly walkable urban center, there is just so much to be bullish about regarding Raleigh-Durham’s future….”
In December, JPB Raleigh Holdings, out of Park City, Utah, sold its two flex properties on Weston Parkway in Cary to Alidade Capital. “We firmly believe in the strength of the Triangle real estate market, and while some are choosing different property types at the moment, we think there is tremendous opportunity in the office market,” says John Buchheit, Manager of JPB Raleigh Holdings.
Trinity Place, which is 90% leased, was owned by Origin-Trinity Holding out of Chicago, Illinois. Jimmy Barnes, Executive VP of Tri Properties | NAI Carolantic, who handled the transaction on behalf of the buyer, commented, “Trinity Place is a very well-built building in a central location, and it has a diverse tenant base including public relations, insurance, real estate, data processing, and other business services.”
JPB Raleigh Holdings currently owns over 400,000 square feet of Class A office space in its Raleigh/Durham portfolio, including other notable buildings such as Northchase on Six Forks Road and Time & Temperature on Glenwood Avenue. It has renovation plans to refurbish Trinity Place’s lobby and common areas and upgrade the landscaping. Tri Properties | NAI Carolantic will handle the leasing and management.