CAROLINAS, Jan. 3, 2024 - JLL Capital Markets announced today that it has closed the sale of Midtown Plaza, a fully leased, Class AA office building located in the highly sought-after North Hills district in Raleigh, North Carolina.
JLL marketed the property on behalf of the seller, Lionstone Investments, working on behalf of an institutional investor.
Completed in 2017, Midtown Plaza is a 329,747-square-foot, 12-story office building that is fully leased. The property features a diverse and stable rent roll, boasting esteemed tenants such as Altera, Gilead Sciences and Fifth Third Bank, contributing to a weighted average lease term of six years.
Midtown Plaza is situated in North Hills, a premier live-work-play destination in Raleigh, at the intersection of the Innovation District and Park District. The property benefits from its proximity to a thriving neighborhood filled with high-end restaurants, shops, fitness centers, and a large concentration of multifamily and residential units. With an office occupancy rate of 98.5%, tenants have been clamouring to get into the burgeoning North Hills market for years, making it the Triangle's most desirable office address.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Ryan Clutter and Richard Reid, Senior Director Daniel Flynn, Director CJ Liuzzo and Associates Sarah Holloway and Woody Flythe.
"Investors were drawn to Midtown Plaza due to its significant mark-to-market potential, as rental rates for Class A office spaces in North Hills have already increased by 27% since 2017," Clutter said.
"This transaction is further evidence that highly amenitized, experiential office assets are still experiencing robust demand from real estate investors," added Flynn.
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 03 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 January 2024 17:53:07 UTC.
