Real Estate News

Wells Fargo office park in West Raleigh sells for $42.3M

The Wells Fargo office park in West Raleigh has been bought by a Florida real estate company for $42.3 million, according to property records.

Consolidated-Tomoka Land Co. acquired the 38-site at the corner of Corporate Center Drive and Trinity Road from Oaktree Capital Management and National Financial Realty.

Oaktree and NFR bought the property in 2013. It was part of a portfolio of 40 office buildings the partnership acquired for $240 million from First States Investors.

Ninety percent of the 3.4 million-square-foot portfolio was leased to Wells Fargo at the time of the sale. The largest share of the portfolio was in North with eight buildings totaling 1.2 million square feet.

The West Raleigh office park includes 450,000 square feet and is Wells Fargo’s regional operations center.

Publicly-traded Consolidated-Tomoka owns properties across the country as well as more than 10,500 acres of land in the Daytona Beach area.

David Bracken: 919-829-4548, @brackendavid