Sold: California firm lands flex, office space near RTP for $60 millionDate Published:
A California investor has paid more than $60 million for a collection of properties near Research Triangle Park.
San Francisco-based TPG has closed on the purchase of flex and office buildings in the Triangle Business Center, spending $60.1 million across three transactions with two separate sellers.
The center is situated at 4020 Stirrup Creek Drive in Durham near the intersection with S. Miami Boulevard on the northeastern edge of Research Triangle Park.
TPG bought lots 2, 2a and 3 from Alidade Capital of Bloomfield Hills, Michigan, for $36 million across two transactions that closed Thursday. In 2016, Alidade bought the properties from an affiliate of Guardian Life Insurance Co. of New York for $20 million, according to county records.
The Triangle Business Center II-A and II-B were built in 1984, and Triangle Business Center III was built in 1988. The three flex properties, which have a combined total of 270,833 square feet, were 77 percent leased at the time they were being marketed for sale.
TPG also bought 4021 and 4025 Stirrup Creek Drive from Miami-based Starwood Property Trust (NYSE: STWD) for a combined $24.1 million. Those properties hit the market last year and at the time were 84 percent occupied.
Starwood bought the buildings in 2016 for $18.7 million. The buildings were completed in 1998 and 2000.
Transwestern Commercial Services announced last year it was facilitating the sale.
“There has been an uptick in investment sales activity in the Triangle region’s Interstate 40/Raleigh Triangle Park submarket, as shown by recent office and industrial asset transactions,” said Transwestern Managing Director John Bell at the time. “As one of the strongest research and development markets in the U.S., the region provides a competitive advantage for businesses such as high labor productivity, a modest cost of living, and affordable higher education expenses.” Founded in 1992, TPG is an investment and asset management company with assets around the world. It also has offices in Fort Worth, Texas.