$25M office portfolio in Cary, NC boosts Michigan group’s Triangle holdings

A Michigan investment firm with a growing portfolio in the Triangle picked up its latest collection of properties with the purchase of a flex portfolio in Cary. 

Alidade Capital of Bloomfield Hills, Michigan, paid $25 million for two properties totaling 137,759 square feet in the northern part of town. 

The properties are situated on 25.7 acres at 13000 Weston Parkway and 14001 Weston Parkway south of Lake Crabtree. 

The seller, JPB Holdings, bought the properties in 2015 and 2016 and later renovated the buildings.

Two office buildings in Cary have changed hands as a Michigan group grows its holdings in the region. C/O ALIDADE CAPITAL

We felt it was the right time to realize gains and focus on a number of other opportunities we are working on in the Triangle, which we remain deeply committed to,” said John Buchheit, manager of JPB Holdings.

The portfolio is currently 95 percent occupied with tenants including McKesson, World Courier and Kryosphere. 

Tri Properties | NAI Carolantic Executive Vice President Jimmy Barnes handled the transaction on behalf of the owner. 

There has been a major real estate grab for life science buildings in the Triangle in 2020, so we knew that offering these buildings with biotechnology, pharmaceutical and medical/drug distribution tenants would be attractive to investors despite the pandemic challenges,” Barnes said.

The sale is Alidade’s latest action in the Triangle.

This spring, The company spent $40.9 million on the Bradford Center and Berrington Center in Durham’s Imperial Center. Those buildings total more than 220,000 square feet of single-story office and research space.

Altogether, the company owns 15 properties in the Triangle, including four flex properties and seven properties in Cary.

Source: Caleb Harshberger/Triangle Business Journal

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