August 29, 2018 – HFF announces the $32.3 million sale of Palisades I and II, two Class A office assets totaling 161,480 square feet in the West Raleigh submarket of Raleigh, North Carolina.
Palisades I and II are located at 5400 and 5410 Trinity Road proximate to Downtown Raleigh, Research Triangle Park and RDU International Airport, the regions three major economic drivers. Additionally, the property is positioned within close proximity to NC State University, Glenwood South, Cameron Village and North Hills. The assets have exceptional regional connectivity via Interstates 40 and 440 and are adjacent to NC State’s Carter-Finley Stadium and PNC Arena, two of the largest entertainment venues in the region. Completed in 2001 and 2005, Palisades I and II are four-story assets with a shared three-story parking deck and a leading amenity package featuring a café, vending area, lounge, conference center and fitness center with lockers and showers. At 96.2-percent-leased overall, the properties main tenants are: Kuehne + Nagel and NC State Student Aid Association.
The HFF investment advisory team representing the seller consisted of senior director Scot Humphrey, senior managing director Ryan Clutter and directors Chris Lingerfelt and Zack Drozda.
“We continue to be surprised by the level of interest from the investment community for high quality, well-located offerings in Raleigh-Durham such as Palisades, which offers an attractive near-term mark-to-market opportunity and a unique onsite amenity package,” Humphrey said.