Updated Dec 10, 2024
Duy Khuong Ong Acquires Office And Land In Raleigh From Highwoods Properties For $21.35M
4800 Falls of Neuse Road, 5005 Memory Road & 5009 Memory Road
$21,350,000
$40/SF
Building Size
176,886 SF
Asset Type
Office
Closing
Dec 2, 2024
About this deal
AI
The property asset involved in the transaction is an office building located at 4800 Falls of Neuse Road, along with two adjoining parcels at 5005 and 5009 Memory Road in Raleigh, NC. The sale price for this asset was $21,350,000. The total square footage of the building is 176,886, resulting in a price per square foot of $121. The building is currently occupied at 87% capacity, and the assessed value was noted to be $32.85 million at the time of sale.
Summary of transaction details:
- Property Type: Office & Land
- Transaction Amount: $21,350,000
- Buyer: Duy Khuong Ong
- Seller: Highwoods Properties
- Brokers: Judson McMillan & Skipper Day - York Properties
- Square Footage: 176,886
- Price per Square Foot: $121
Highwoods Properties executed the sale as part of its strategy to divest non-core assets. The buyer, Duy Khuong Ong, has plans to renovate the office building following the acquisition. The transaction closed on December 2, 2024.
On the Map
$21,350,000
$40/SF
Office
View full map
Players
Raleigh Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Visit Judson McMillan to view all their deals.
Browse Raleigh office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93