August 4th, 2022
NAI Tri Properties today announced the sale of Paradigm Park, two four-story office buildings totaling 151,464 square feet. The buildings are prominently located adjacent to Research Triangle Park on NC 54, south of I-40. Investor JPB Raleigh Holdings purchased the properties totaling $11.5 million on 14.82 acres.
Buyer JPB Raleigh Holdings, in partnership with NAI Tri Properties, is planning a complete redevelopment of the buildings and site. The 2224 NC 54 building is vacant, while the building at 2222 NC 54 has had recent refurbishments in the common areas, including a shared conference area and gym with lockers and showers. “Paradigm Park has tremendous potential to be a post-Covid campus, an ‘indoor/outdoor hybrid office,’ which includes exterior working spaces along with various amenities to create a new type of workplace for professionals. Renovations will include a complete reconfiguration of the building interiors and the site’s exterior layout,” says John Buchheit, Manager of JPB Raleigh Holdings. The renovated site will include new tennis, pickleball, volleyball, basketball courts, walking trails, and outside gathering areas to accommodate food trucks, a pavilion, and other exterior features.
Jimmy Barnes, Executive Vice President at NAI Tri Properties, that handled the transaction on behalf of the seller, commented, “This section of the Research Triangle Submarket is seeing a lot of renovations and growth. It’s located just down the street from the newly completed Boxyard RTP and is a prime location for global companies wanting proximity to world-class talent and research.”
JPB Raleigh Holdings currently owns over 550,000 square feet of Class A office space in its Raleigh/Durham portfolio, including other notable buildings such as Trinity Place on Edwards Mill, Northchase at Midtown on Six Forks Road, and Time & Temperature on Glenwood Avenue.