Big office park purchase near RTP signals region's lure to investors and companies
A major purchase of an office park near Research Triangle Park, announced Wednesday, underscores the Triangle's continued attraction for investors and businesses.
Accesso Partners LLC based in Florida has bought 10 office buildings in Meridian Corporate Center and is interested in buying more in the RTP area. The company didn't disclose the purchase price but, based on recent assessments, the total buy amounts to more than $100 million.
"We've been waiting for the right opportunity to enter this world-class business, research, technology and life sciences center with a major commitment," Ariel Bentata, co-founder of the commercial real estate investment manager, said in a statement the company released. "There is a competitive yet collaborative entrepreneurial environment here, fueled by 16 colleges and universities, rarely found in other U.S. cities."
Torchlight Investors, the capital partner in the deal, added that the Triangle is also attractive because it has become a technology hub with increasing employment.
Meridian Corporate Center is a 270-acre master planned community just west of RTP near the Streets of Southpoint. It has a 332-unit apartment complex and a Doubletree Hotel by Hilton.
Accesso bought nine office buildings that are more than 90 percent occupied from a New York City-based institutional investor, and a 10th building from a different seller in a separate deal. In total, the purchase amounted to close to 700,000 square feet of office space in single and multi-story buildings.
The company is planning extensive renovations with new amenities, including a conference center, tenant lounge, fitness center and collaborative area. There will also be extensive landscaping improvements.
Seventy percent of the spaces has been leased to software, technology and life science industries, including NVIDIA, a computer graphics firm; Parexel, a biopharmaceutial company; EBSCO Information Services' NoveList division; Spoonflower, a custom textiles firm; and Avaya, a software communications company.
Ryan Clutter with HFF Carolinas, which represented the sellers, said this is a sought-after market right now.
"Over the long term I think the marketplace has proven it will continue to grow and be a very strong place to invest," Clutter said. "We sell assets like Meridian all the time. We're seeing more and more capital coming into the market. The trend is definitely ongoing."
Craig Jarvis: 919-829-4576, @CraigJ_NandO
This story was originally published March 21, 2018 at 12:25 PM with the headline "Big office park purchase near RTP signals region's lure to investors and companies."