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REGARDING LEASING,
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leasing@newbostonfund.com
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Carolina Place
Raleigh, NC 27608

Acquired

1/19/2012

Location

Carolina Place is located on Glenwood Avenue inside Interstate 440 (Raleigh Inner Loop) within the desirable West Raleigh office submarket. The submarket is approximately 2.5 miles from downtown Raleigh and 1.3 miles southeast of I-440 (The `Beltline`).

Description

The property is a 99,000 SF five-story Class-A suburban office building with an adjacent two story structured parking garage with 318 spaces. The property was built in 1984 and is attractive to smaller, local and regional tenants seeking access to area amenities and close proximity to downtown Raleigh. This location along Glenwood Avenue is characterized by a unique element of prestige that draws tenants who tend to remain for multiple lease terms upon taking occupancy. The stability of existing tenancy combined with a lack of developable land and high replacement rents, creates a high barrier to entry.

Investment Rationale

  • High quality asset in a great location in a high growth market.
  • Stable occupancy with tenant rollover evenly distributed over the next three years.
  • Cash flowing asset with upside potential.
  • Opportunity to reposition the asset and add value by making considerable capital improvements.
  • With the property in a mature and dense market, there is low risk of new supply.

Fund Ownership

Fund VII

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF