Updated Sep 11, 2026
Michael Landguth & Kenny Perry Of Raleigh-Durham Airport Authority Acquire Office Building For $8.9M
3131 R D U Center Drive
$8,900,000
$143/SF
Building Size
62,000 SF
Asset Type
Office
Closing
Sep 10, 2026
About this deal
AI
The property asset involved in the transaction is a nearly 62,000-square-foot office building located at 3131 R D U Center Drive in Morrisville, NC. The sale price for the property was $8,900,000, translating to a price per square foot of $144.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,900,000
- Buyer: Michael Landguth & Kenny Perry - Raleigh-Durham Airport Authority
- Seller: Mark Horrell - Woodside
- Annual Rent from Tenants: $782,000
- Future Renovation Budget: Up to $3 million
Michael Landguth and Kenny Perry, representing the Raleigh-Durham Airport Authority, acquired the property from Mark Horrell of Woodside. The Raleigh-Durham International Airport has approved the acquisition to meet increasing space needs and plans to gradually occupy the building as existing leases expire.
Players
Center Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93