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

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.