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Starwood, Trinity Capital and Vanderbilt sell North Carolina seven-property portfolio

Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners have sold a seven-property portfolio in Raleigh-Durham, North Carolina for $105.5 million. The buyer was not named. Holliday Fenoglio Fowler LP represented the sellers on the transaction.

PRESS RELEASE

CHARLOTTE, N.C.–(BUSINESS WIRE)–Holliday Fenoglio Fowler, L.P. (HFF) announces the $105.5 million sale of a seven-property office portfolio totaling 581,619 square feet within the Perimeter Park business park in Raleigh-Durham, North Carolina.

The HFF team marketed the offering on behalf of the seller, a joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners, and procured the buyer, an institutional investor.

The seven properties within the portfolio are located at 1500, 1600, 1700, 1800, 2000 and 2250 Perimeter Park and 3800 Paramount Parkway within the Research Triangle Park/Interstate 40 (RTP/I-40) submarket of Raleigh-Durham. The centrally located portfolio has easy access to Interstates 540 and 40 providing accessibility to residential neighborhoods in Cary, West Raleigh and North Raleigh as well as access to the Raleigh-Durham International Airport and the world-renowned Research Triangle Park. Completed in the 1990s and early 2000s, the portfolio is approximately 91 percent leased to a STEM-based tenant roster including QuintilesIMS, AECOM, TrialCard, UNC Physicians Network and Beacon Health Options, Inc.
The HFF investment sales team representing the seller included Scot Humphrey, Ryan Clutter and Chris Lingerfelt.

“Investor interest in the portfolio was extraordinary, as Raleigh-Durham’s expanding economy continues to attract a significant amount of attention from institutional capital and opportunities of this scale and quality are difficult to find here,” said Humphrey.

“This transaction demonstrates the strong appeal and growing appetite from institutional investors for well positioned office investment opportunities in Raleigh-Durham and throughout the overall Carolinas market. Suburban office has proven to be a more challenging asset class to sell in many markets around the country yet the Carolinas continue to see significantly more interest and deeper bid pools than its peer markets. We believe this trend will continue for the foreseeable future resulting in an active selling environment in the region over the next few quarters,” commented Clutter.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a North Carolina licensed real estate broker.

About Starwood Capital Group
Starwood Capital Group is a private investment firm with a primary focus on global real estate. Since its inception in 1991, the Firm has raised nearly $43 billion of equity capital and currently has over $55 billion of assets under management. Over the past 26 years, Starwood Capital has acquired over $90 billion of assets across virtually every major real estate asset class. The diversified investment company today encompasses more than 3,400 employees and approximately 7,000 additional employees involved with multiple portfolio operating companies. Including affiliated operations, the Firm maintains offices in Atlanta, Chicago, Greenwich, Hong Kong, London, Los Angeles, Luxembourg, Miami, San Francisco and Washington, D.C.
Starwood Capital’s hallmark is to invest opportunistically, moving between asset classes, geographies and positions in the capital stack as the Firm perceives risk/return dynamics to be evolving. To execute this strategy, Starwood Capital has built up asset-class and geographic expertise in the Firm’s targeted markets. Additional information can be found at www.starwoodcapital.com.

About Trinity Capital Advisors
Trinity Capital Advisors focuses on the acquisition and development of institutional quality commercial real estate in the southeastern United States. The firm has invested over $2.0 billion acquiring and developing over 16 million square feet of the most successful workplace real estate projects in North Carolina, South Carolina, Tennessee, and Florida, including CBD office towers, industrial portfolios, suburban office parks, and mixed use developments. Investments are capitalized through various Trinity Capital investment vehicles and partnerships with some of the country’s top institutional investors. For more information about Trinity Capital, please visit our website at trinitycapitaladvisors.com.

Vanderbilt Partners
Vanderbilt Partners (Vanderbilt) is a vertically-integrated real estate investment manager focusing on office investment opportunities in the Southeast, East and Midwest U.S. Since its founding in early 2014, Vanderbilt has participated in more than $1.85 billion of acquisitions over eight transactions totaling approximately 11.7 million square feet. Vanderbilt currently manages over 5.4 million square feet and leases approximately two million square feet of office space.

About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.