Atlanta-based OA Development (OA) acquired Stratford Hall and Carlisle Place in Raleigh-Durham, NC for $45.2 million. The 197,264-square-foot portfolio is located in Imperial Center, an amenity rich 456-acre park that sits adjacent to the world famous Research Triangle and Raleigh-Durham International Airport. Imperial Center continues to outperform and outpace the region in occupancy and ability to push rental rates due to its broad range of amenities, including hotels, restaurants, and retail shops in the area.
Stratford Hall and Carlisle Place represent the third acquisition of OA Development in Imperial Center, expanding its footprint to six buildings totaling 405,000 square feet. The two Class A buildings, which feature an average historical vacancy of approximately five percent since 2010, are currently 85 percent leased to an impressive roster of “STEM” oriented tenants. In addition, current rental rates are well below market, setting the stage for substantial rent growth over the hold period.
“OA Development first entered the North Carolina market more than 20 years ago, developing and acquiring buildings in the city of Raleigh-Durham,” said Brian Granath, OA partner. “With such intimate knowledge of the market’s evolution, OA recognized the advantageous opportunity with Stratford Hall and Carlisle Place because of its continued population growth, strong job market, rising rents, and low vacancy rates.”
Cushman & Wakefield’s Southeast Regional Investment Sales Group represented the seller, Bridge Investment Group, in the transaction. OA acquired the buildings, adding to their existing holdings within Imperial Center. Cushman & Wakefield’s Equity, Debt, and Structured Finance Team in Atlanta arranged financing with Synovus Bank for OA, and Cushman & Wakefield’s Raleigh-Durham Landlord Agency Leasing Team has been appointed as the primary leasing agency for the portfolio.
This is the 22nd commercial property that OA has acquired in the last nine years, bringing the company’s total square footage acquired to approximately 3.2 million.
About OA Development
OA Development brings a unique way of looking at the marketplace that delivers consistent returns to investors. That is why OA Development’s clients have trusted the firm’s insights since 1993. OA Development’s long-time leadership possesses the experience, expertise, and orientation to protect and grow investors’ assets in the rapidly changing commercial real estate market. Such foresight has helped the firm remain ahead of the market at each turn and produce an enviable track record. www.OADevelopment.com
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $10 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.