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City Office REIT Acquires Office Property In Raleigh For $330M

Property Image
SOLD
$330,000,000
Ryan Clutter
John Mikels
Chris Lingerfelt
+ 1

North Carolina

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Office495,121 SF
Sold 01/04/2022
the dealplayerscompscontact
Property Image
SOLD

City Office REIT Acquires Office Property In Raleigh For $330M

1 Glenwood Avenue, Raleigh, North Carolina 27603, United States

See Similar Deals
Office495,121 SF
Sold 01/04/2022
Ryan Clutter
John Mikels
Chris Lingerfelt
+ 1
the dealplayerscompscontact
Contact now

Summary

NORTH CAROLINA
Asset Type:Office
Price Per Square Foot:$666
Total Square Footage:495,121 SF
Transaction Type:Sale

The office property located at 1 Glenwood Ave. and 621 Hillsborough St. in Raleigh, NC has been sold. The property covers an area of 3.23 acres and includes a total of 495,121 square feet of space. The transaction took place on January 5, 2022.

Summary of transaction details

The buyer in this transaction is City Office REIT, while the seller is Heritage Properties. The brokers involved in facilitating the deal were Ryan Clutter, John Mikels, Daniel Flynn, and Chris Lingerfelt from JLL Capital Markets.

Players

Daniel "Dan" Flynn
JLL
Daniel Flynn
4 deals$415.7M volume
BROKER
Ryan Clutter
JLL
Ryan Clutter
8 deals$763.5M volume
BROKER
John Mikels
JLL
John Mikels
3 deals$402.3M volume
BROKER
Chris Lingerfelt
JLL
Chris Lingerfelt
2 deals$339.3M volume
BROKER
CR
City Office REIT
BUYER

Details

SOLD
IMAGE: Ryan Clutter, John Mikels, Daniel Flynn & Chris Lingerfelt DATE: 01/05/2022 ADDRESS: 1 Glenwood Ave. & 621 Hillsborough St. MARKET: Raleigh, NC ASSET TYPE: Office ~ ACRES: 3.23 BUYER: City Office REIT SELLER: Heritage Properties BROKER: Ryan Clutter, John Mikels, Daniel Flynn & Chris Lingerfelt - JLL Capital Markets SALE PRICE: $330,000,000 SF: 495,121 ~ PPSF: $666

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$17,599,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,172,420.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,564,368.36
Annual Debt Service$18,772,420.30