Raleigh office property trades for $17.25M

RALEIGH – November 29, 2022 – JLL Capital Markets announced today that it has completed the $17.25 million sale of Lakeridge North, a 72,218-square-foot office building in Raleigh, North Carolina.

JLL represented the seller, TriGate Capital, in the sale of the property.  The buyer was a private investment fund that was represented by Richard Fisher of Hold Thyssen, Inc. and Michael Waldrop of Waldrop Properties, LLC.

Lakeridge North sits on 5.12 acres and is a four-story, multi-tenant office building that is 93% leased to a diverse tenant roster consisting of companies in finance, law, insurance, pharmaceuticals and more. The property was renovated in 2021 and features a new lobby, common areas, conference and training rooms and fitness center. 

The property is positioned on a lakefront setting at 900 Ridgefield Dr. within the Six Forks submarket. This highly attractive infill location is minutes from the North Hills mixed-use district with a rapidly improving demographic profile driven by millennial workers and young families moving to the area, and excellent access to all points of the Raleigh-Durham market.

The JLL Capital Markets team representing the seller was led by Directors Daniel Flynn and John Mikels, Senior Managing Director Ryan Clutter and Analyst Sarah Holloway.

“TriGate Capital executed a flawless value-add program at this asset, which created a very attractive stable, long-term investment opportunity for the purchaser,” Flynn commented. “Opportunities such as this are highly sought after by real estate investors seeking stability and cash flow during a period of global economic headwinds.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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TriGate Capital is a leading real estate investment manager focused on the recapitalization and repositioning of quality commercial real estate assets and companies. To learn more, please visit: www.trigatecapital.com.