July 19, 2016— Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $7.43 million in financing for 3508 North Tri-Center Boulevard, a 272,396-square-foot industrial warehouse building in Durham, North Carolina.
HFF worked on behalf of the borrower, a partnership between Trinity Capital Advisors and SilverCap Partners, to place the floating-rate loan with AloStar Bank of Commerce. Loan proceeds were used to acquire the property and fund capital improvements to execute the borrower’s business plan.
Located west of Research Triangle Park, 3508 North Tri-Center Boulevard is in the RTP/I-40 submarket, the largest industrial submarket in Raleigh-Durham. The property is situated just off Highway 55 with access to Interstates 40 and 540, Highway 147 and Raleigh-Durham International Airport. The warehouse features ESFR sprinkler systems, 180’ truck court depth, 4,500 square feet of office space, 26 cushioned dock-high loading doors and one 14’ wide drive-in-door with the potential to add four additional docks.
The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.
“Tenant demand continues to grow in the tightening RTP/I-40 submarket, which now boasts an occupancy north of 95 percent,” Fowler said. “Given the ideal location and the partnership’s strategic business plan, the property is positioned well to benefit from the continued demand.”
[button href=”https://www.hfflp.com/media-center/press-releases/143269/hff-secures-7-43-million-acquisition-financing-for-industrial-warehouse-in-durha.aspx” style=”emboss” size=”medium” color=”#000000″ target=”_blank”]Source: HFF[/button]