Raleigh – Cassidy Turley today announced the sale of 4400 Emperor Boulevard at Imperial Center in Durham, North Carolina. The 182,165 square foot industrial facility was acquired by Crown Realty and Development of Irvine, California for $7,475,000. Chris Norvell, Senior Managing Director of Cassidy Turley’s Raleigh office represented the seller, Meridian Development Group. Dave Gullen, President, and Kreg Groat, Executive Vice President, of Crown Realty represented the buyer in this transaction.
The property is fully leased by Phoenix Telecom Solutions, a provider of legacy and next generation telecommunications networks (www.phoenix-ts.com). “This transaction represents a continuation of relatively brisk industrial sales activity in the Research Triangle Park submarket,” said Norvell. “We’re encouraged by the activity we’re seeing from both buyers and sellers of this product type.”
“Raleigh has seen its fair share of hard times,” said Meridian Development Group managing director Steven Kossoff. “However, its diverse economy has allowed the market to fair much better than other major markets in the southeast.” Meridian Development Group currently owns and manages two million square feet of commercial properties in the Southeast and specializes in the redevelopment of distressed properties (www.meridiandg.com).
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider in the U.S., with 420 million square feet of managed space, 58 offices, 19 national markets, and more than $13 billion in completed transactions for 2009. Outside of North America, Cassidy Turley partners with GVA Grimley, the founder and majority shareholder of GVA Worldwide. Cassidy Turley serves owners, investors and occupiers by offering integrated, tailored solutions across a full spectrum of commercial real estate services including capital markets, corporate services (which supports more than 25,000 locations), project leasing, property management, project and development services, and tenant representation. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey. Please visit www.cassidyturley.com for more information about the company.