July 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $21.878 million in financing for Venture Center, a vacant, 138,337-square-foot, single-story lab building in Durham, North Carolina.
HFF worked on behalf of the borrower, an affiliate of Longfellow Real Estate Partners, to secure the three-year, floating-rate loan through Citizens Bank. Loan proceeds will be used to fund capital improvements for the lab conversion.
Venture Center is situated on 14.26 acres at 4117 Emperor Boulevard in the Research Triangle area of North Carolina. This location positions the property less than two miles from Research Triangle Park and less than five miles from the Raleigh-Durham International Airport in the Research Triangle Park/Interstate 40 corridor submarket of Raleigh-Durham. GlaxoSmithKline, the longtime tenant at the property, sold and vacated the building late last year. The new owner will implement a complete rebuild of the lab space that will include adding a new loading dock, additional parking spaces, repainting the building and fully landscaping the courtyard.
“Longfellow’s science and technology ecosystem consists of the highest quality buildings in the best locations. We see outstanding value and opportunity in the Research Triangle area’s concentration of talented individuals, exceptional universities, entrepreneurial spirit and thriving quality of life,” said Adam Sichol, managing partner, Longfellow Real Estate Partners.
The HFF debt placement team representing the borrower was led by managing director Greg LaBine and associate director Cory Fowler.
“The Research Triangle is one of the fastest growing hotspots for technology and life sciences. As such, Longfellow has identified robust demand in the market for professionally owned and operated life science real estate,” said Fowler.
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