Bill Carstarphen Of Pharr Corporation Acquires Office Building From Pete Kidwell For $24.2M

The office property located at 702 Oberlin Road in Raleigh, NC, was sold for $24,200,000. The asset comprises 58,000 square feet and sits on 2.34 acres. This facility is fully leased and was recently renovated in 2022. The property is anchored by Atlantic Union Bank.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $24,200,000
• Address: 702 Oberlin Road
• Market: Raleigh, NC
• Size: 58,000 SF
• Price Per Square Foot: $417
• Buyer: Bill Carstarphen - Pharr Corporation
• Seller: Pete Kidwell - Beacon Partners
• Broker: JLL

This transaction marks Pharr Corporation's first acquisition in the Triangle as they expand their portfolio of core, cash-flowing real estate across the Carolinas. The seller, Beacon Partners, previously acquired the property for $12.75 million in 2022, highlighting a significant increase in value in this latest transaction.