Prominent Raleigh-Durham office property sells

CAROLINAS, July 25, 2024 –  JLL Capital Markets announced today that it closed the sale of Landmark at North Hills, a 166,653-square-foot office building in Raleigh, North Carolina.

JLL represented the seller, BGO on behalf of an institutional investor. A joint venture between Edgewater Ventures and Northridge Capital purchased the asset.

Landmark at North Hills consists of two five-story, brick buildings that are connected by a sky bridge and which feature recently renovated common areas and a technology enabled central courtyard. The 84.3%-leased property has a diverse tenant base, including firms in the software/tech, law, and financial services industries, among others.

Positioned on seven acres at 4601 Six Forks Rd., Landmark at North Hills is part of the North Hills mixed-use district, Raleigh-Durham’s premier live-work-play environment. The property is convenient to Interstate 440 and is under 30 minutes to the Raleigh-Durham International Airport and Downtown Durham. The North Hills District offers a variety of multi-housing communities and retail, entertainment and dining options.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Ryan Clutter, Senior Director Daniel Flynn, Director CJ Liuzzo and Associate Sarah Holloway.

JLL’s Raleigh agency leasing team of Dennis Hurley, Hillman Duncan and Patti Autry has been awarded the leasing assignment.

“The Carolinas and broader southeast continue to attract office investors seeking exposure to the high growth our markets are experiencing,” Clutter said.

“The Landmark at North Hills was highly sought after by investors given it’s positioning as a ‘lifestyle office’ building, with direct proximity to excellent retail amenities and coveted residential neighborhoods,” added Flynn.

“We have taken a patient approach to growing our office portfolio in the post-pandemic environment, however, given the reset in pricing for office properties along with incremental improvements in fundamentals we remain bullish over the long term with regards to well-located office properties in the Carolinas” commented Scot Humphrey, Co-Founder and Principal with Edgewater Ventures.

“Landmark is precisely the type of office property that is poised to thrive as workplace trends continue to evolve,” adds Tim Skender, Principal with Edgewater Ventures. Skender continues, “We are big believers in the region, local demand drivers, and our ability to upgrade the user experience via curated capital improvements and our hands-on, hospitality-oriented asset management.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

BGO is a leading, global real estate investment management advisor, real estate lender, and a globally recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.

For more information, please visit bgo.com

Edgewater Ventures is a real estate investment firm that is dedicated to acquiring and developing industrial, office, life-science, residential, and mixed-use assets across the Carolinas. With over 100 years of combined experience, our team has a wealth of knowledge in maximizing the value of real estate by identifying opportunities and skilfully operating assets on behalf of their clients and partners. Our strong emphasis on collaboration and corporate culture has resulted in consistently exceptional results. Our team members have spent their careers honing their expertise and developing a deep understanding of the unique dynamics of the real estate market in the Carolinas. Our passion for the industry and dedication to our clients and partners has enabled Edgewater Ventures to consistently achieve impressive results.

Founded in January of 2020, Edgewater currently owns and operates a portfolio of $850M, consisting of 4.6 million square feet and 1,500 residential units throughout the Carolinas and has offices in Raleigh, Charlotte, and Wilmington, North Carolina.

For more information, please visit: edgewater-ventures.com.

Northridge Capital, LLC, based in Washington, D.C., is an independent real estate asset management firm that has invested in 62 assets on behalf of investors, with a combined acquisition value of $2.49 billion. Since its founding in 1997, the company has focused on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages and sells real estate assets across a wide variety of property types and geographic areas. For more information, visit northridgecapital.com.