Stream Realty Partners has assisted in the sale of two multi-tenant office buildings in the Research Triangle Region.
Continental Capital Partners, a real estate acquisition, development, and asset management firm, has sold Park40 Plaza and RDU Center II to Woodside, a Texas-based real estate investment company. Park40 Plaza features 122,311 square feet at 1000 Park Forty Plaza Drive in Durham, North Carolina. RDU Center II totals 61,606 square feet at 3131 RDU Center Drive in Morrisville, North Carolina.
Stream Executive Managing Director Jared Londry, Senior Vice President Mack Freudenstein, and Senior Associate Alex Olofson represented CCP in the transaction. Stream, a national real estate services, development, and investment company, has an office in Charlotte.
“The I-40 and Research Triangle Park corridor has experienced incredible growth and leasing momentum over the last 24 months and has driven record investor demand and new-to-market capital,” Londry said. “Strategically positioned within Raleigh’s highly regarded submarket, the buildings provide Woodside with immediate scale and diversification. We are thrilled to have had the opportunity to work alongside CCP in this disposition and are excited to see what new direction Woodside takes these properties.”
Park40 Plaza and RDU Center II offer easy access to Interstate 40, Research Triangle Park, Raleigh-Durham International Airport, and cities including Raleigh, Cary, and Chapel Hill.
Nearby Raleigh has been named the second-fastest growing large metro in the United States, with the entire region’s population exploding to more than 2 million residents. The area offers the lowest corporate tax rate in the U.S. as well as a highly educated workforce with 47% of residents having a bachelor’s degree or higher.