DURHAM - 1.5 MILLION SQ. FT. OF WAREHOUSE AND OFFICE SPACE SOLD
Durham, North Carolina. Grosvenor Investment Management paid $105.5 million for 1.5 million square feet of space of Research Triangle Center buildings. That equates to about $70 per square foot and is about double what the seller, Transwestern Investment of Chicago paid for it two years ago. The space Grosvenor purchased is 82% leased. After the dot com bubble burst a few years ago, the Triangle became one of the nation’s worst areas for empty warehousing. Now, it is a red hot area and premium prices are being paid for space. In just over a year the Triangle has seen a 17% vacancy rate decline to just above 10%.
John Fish (919) 696-3474 Email: marvmax@mindspring.com Website: www.JohnFish.com
