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Durham, NC Office Buildings Acquired for $56M
Innovatus Capital Partners, LLC acquired a two-building office property in Durham, NC from an institutional owner advised by Clarion Partners, LLC for $55.55 million. An affiliate of Innovatus purchased the asset free and clear of existing debt.
The 98.4%-leased property is located at 200 and 240 Leigh Farm Road in an infill location within the South Durham submarket, and adjacent to Interstate 40 along the Highway 54 corridor, which connects two nodes of the Triangle – Chapel Hill and Durham.
Palladian I is a 100,462-square-foot building completed in 2005, with the 100,546-square-foot Palladian II completed in 2007. The four-story buildings house the corporate headquarters for AICPA, Northwestern Mutual and Eco-Site, LLC
HFF’s Ryan Clutter, Scot Humphrey and Chris Lingerfelt marketed the property for the seller. Additionally, working on behalf of the new owner, HFF’s director Brent Bowman placed acquisition financing with Citizens Bank.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
