Updated Oct 14, 2025
Pete Lash Of Beacon Partners Purchases Development Site In Raleigh From Grubb Ventures For $35M
1053 East Whitaker Mill Road
$35,000,000
$193/SF
Building Size
181,000 SF
Asset Type
Development Site
Closing
Oct 10, 2025
About this deal
AI
The development site located at 1053 East Whitaker Mill Road in Raleigh, NC was sold for a total of $35 million. The property spans an area of 181,000 square feet, resulting in a price per square foot of approximately $193.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,000,000
- Buyer: Pete Lash - Beacon Partners
- Seller: Grubb Ventures
- Square Footage: 181,000
- Price Per Square Foot: $193
- Date of Sale: 10/10/2025
- Market: Raleigh, NC
Beacon Partners, led by Pete Lash, intends to undertake a multi-million-dollar renovation of the property, which is currently 97% leased. This transaction follows a prior acquisition of a nearby warehouse by the Charlotte-based developer.
On the Map
$35,000,000
$193/SF
Development Site
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Players
Raleigh Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93