Duke Realty has sold the Regency Creek I office building in Cary for $20.55 million, according to Wake County property records.
The 120,000-square-foot building was purchased by Intercontinental Real Estate Corp., which also owns – along with Spectrum Properties – the Regency Pines office building in the same office park off Regency Parkway.
Duke had developed the Regency Creek I building. The Indianapolis-based company has sold good chunk of its local office portfolio in recent years as part of its strategy of shifting its focus from office to industrial properties.
Intercontinental and Spectrum announced late last year that they had leased all of the 125,000-square-foot Regency Pines building to HCL America. Spectrum, which also owns 17 adjacent acres in Regency Park, plans to develop the remaining land, which could house as much as 300,000 square feet of office space.