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CityPlat Acquires 95K-SF Cary Office Park
A Cary office campus sold for $3.1 million less than the seller paid for it in eight years earlier.
The Triangle Business Journal reports that CityPlat, in a joint venture with Good Harbor Commercial Real Estate, paid $10.3 million for the Parkwest office buildings along Weston Parkway. The real estate firm purchased the properties from Adler Real Estate Partners, which acquired the buildings in 2017 for $13.4 million.
At the Weston Parkway buildings, CityPlat will invest $1 million to replace each roof and upgrade the HVAC systems.
Parkwest Two at 15401 Weston Parkway is mostly vacant. It has one tenant that occupies about 10% of the building. The company will list the 48,311-square-foot building for sale, aiming to sell it to an owner-occupier.
Parkwest One at 15501 Weston Parkway is 100% leased. Parkwest One is 46,569 square feet and is one level. Parkwest Two is also one level and has 48,311 square feet of office space. the company says it plans to keep Parkwest Two.
