Charlotte-based The Spectrum Companies buys Midtown commercial park for $59 million
A Charlotte-based commercial real estate agency with offices in Raleigh is the new owner of Northside Center, a 33-acre office and industrial park in Raleigh’s Midtown.
The agency, The Spectrum Companies, announced Friday it had bought the property in partnership with real estate investment firm FCA Partners from Northside Midtown, LLC, the owner since 1994.
The 549,000-square-foot park with 14 buildings is located along Interstate 440 off of Wake Forest and East Six Forks roads, just behind the new Wegmans store in the Midtown East shopping center.
The partners paid $59 million for the property in Raleigh’s growing Midtown, according to Wake County property records that list the total value of the property at more than $30 million.
The Raleigh Police Department Special Operations division and the Clouds Brewing Tap Room are located in the Northside Center, along with warehouses and office buildings.
“Northside Center is an extraordinary asset with excellent tenants and great access to all points Raleigh and beyond,” said J.D. McNeill, Spectrum’s Raleigh managing director in a press release. “We will continue to provide all of the high-quality services Northside’s tenants deserve, and over time we’ll enhance the park to fully reflect the energy of this growing area while also giving it a feel of its own.”
According to the press release, “the companies were drawn by the business park’s strong performance over decades and its promising future in a location so close to downtown Raleigh, Research Triangle Park and Raleigh-Durham International Airport” and have long-term plans to add value to the property.
A fifth project from the Spectrum and FCA duo in the Triangle is likely, the release said.
“Large infill projects with significant blocks of flexible space are becoming increasingly scarce in Raleigh,” McNeill said.
The purchase will add to Spectrum’s $2 billion portfolio that it owns or manages, which includes the Red Hat tower downtown, and Regency Woods office buildings in Cary.
Spectrum boasts several properties in downtown Charlotte: the popular Epicentre retail and entertainment hub, the 300 South Tryon high-rise and a office/hotel tower underway.
