Avison Young brokers sale of five building office park in Raleigh, North Carolina for $16M

Raleigh, NC – Global real estate advisor Avison Young brokered the sale of Midtown North, an 81,901-square-foot (sf) five single-story building office park located at 5910-6040 Six Forks Road in Raleigh, North Carolina for $16 million. The buyer is Stephens Enterprises, LLC.

Avison Young Vice President Bill Aucoin and Principal Gary Lyons represented the seller, Frank Csapo with Commonwealth Partners, LLC. Notably, Aucoin represented Commonwealth Partners, LLC in its original acquisition of the property in 2015, when it was known as Twin Forks Office Park, and Lyons represented the then seller, Twin Forks Properties, LLC. The property has undergone significant capital improvements including new LED lighting, irrigation, landscaping, signage and suite renovations.

Situated on 8.84 acres, the property is currently 79% leased to an attractive mix of tenants including a substantial number of healthcare tenants. Long considered one of Raleigh’s premier business corridors, rents in the Six Forks submarket are the highest in the market averaging $40.63 according to Avison Young’s Q4 Raleigh-Durham office market report. Additionally, numerous single-story office properties have been taken out of the office inventory in recent years due to the demand for lab and life science conversions, putting additional pressure on availability and bolstering rental rates.

“Opportunities to acquire institutional-quality, single-story office product are extremely limited, especially in the Six Forks Corridor,” said Aucoin. “The ability to enter this submarket at pricing below today’s replacement cost made this a highly attractive investment with strong fundamentals and future value potential.”

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