Research Tri-Center sold to Clarion Partners
In what the seller termed the largest industrial transaction in Triangle market history, The Research Tri-Center, at 2511 Old Cornwallis Road, has been sold to Clarion Partners.
Cassidy Turley, which represented seller Northwood Investors, declined to disclose the price at which Clarion Partners bought the property.
The business park has 10 buildings totaling 1,534,284 square feet. The space is 90.4 percent leased to 26 tenants including UPS, GlaxoSmithKline and Toshiba.
According to a Cassidy Turley release based on Real Capital Analytics data, the transaction was the highest dollar-value trade in the Triangle market since January 2007.
“The (Research Triangle Park) submarket has virtually exhausted its supply of available land, and presently enjoys a 4.7 percent vacancy rate,” said Drew Flood, executive managing director of Cassidy Turley in a release. “Many RTP companies are announcing significant plans for job growth.”