David Finger and Sara Owen of Cushman & Wakefield’s Raleigh-Durham office along with Samir Idris of Cushman & Wakefield’s Atlanta office represented the sellers, Somerset Properties and Alex. Brown Realty, in the transaction. King Street Properties of Boston partnered with Nuveen Real Estate to acquire the campus for an undisclosed amount.
Centrally located near Research Triangle Park and RDU International Airport, EastRidge at Perimeter Park is home to a number of STEM-based businesses and poised to take advantage of the growing demand for research and development companies seeking flexible space to accommodate a variety of needs
The campus was 95% leased with approximately five years of weighted average remaining lease term at the time of sale. The 39.63-acre property includes a 5,400-square-foot amenity center that features conference/meeting facilities, a kitchen and a fitness center. Built between 1983 and 1986, the sellers invested more than $1.2 million in capital improvements over the last three years.
