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3500 Regency Parkway

Updated Dec 4, 2024

Baker Roofing Company Acquires Office Building In Cary For $7.1M - Broker: Doug Brock
SOLDOffice

Baker Roofing Company Acquires Office Building In Cary For $7.1M - Broker: Doug Brock

3500 Regency Parkway

$7,100,000

$142/SF

Building Size

49,754 SF

Asset Type

Office

Closing

Feb 13, 2024

About this deal

AI

An office property in Cary, NC, located at 3500 Regency Parkway, spanning 10.69 acres, was recently sold for $7.1 million. The property, boasting 49,754 square feet, was acquired by Baker Roofing Company from American Tower. Notably, the sale price of $143 per square foot was below the assessed value of $9.2 million, showcasing challenges within the office market. The single-story building features amenities such as a fitness center, courtyard, and EV charging stations.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $7,100,000
  • SF: 49,754
  • PPSF: $143
  • Address: 3500 Regency Parkway
  • Market: Cary, NC
  • Buyer: Baker Roofing Company
  • Seller: American Tower
  • BROKERS: Doug Brock - Newmark

The sale of the office property at 3500 Regency Parkway was facilitated by Doug Brock from Newmark. The transaction involved Baker Roofing Company acquiring the property from American Tower, showcasing a deal that transacted below the property's assessed value, indicating the current challenges in the office market. The amenities offered by the building, including a fitness center, courtyard, and EV charging stations, added value to the purchase for Baker Roofing Company.

On the Map

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$7,100,000

$142/SF

Office

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Players

Doug Brock

Newmark

Broker

$7.1M

vol

4 deals

Broker

Cary Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $142 per square foot on a published $7.1M for 49,754 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.23%

Cash-on-Cash

-0.64%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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