CBRE Announces Sale of Raleigh Office Building to Westgate Cars

Today CBRE announced the sale of New Hope Center, a one-story, 66,040-square-foot office building in Northeast Raleigh. Westgate Cars, a locally based luxury car dealership with a half dozen locations around the Triangle, purchased the property for $7.25 million.

Chandler Hawkins and Ben Kilgore of CBRE in Raleigh represented the seller, Strategic Government Properties. SGP is a specialized owner and manager of mission critical federal and state government buildings. The building was recently vacated by the North Carolina Department of Transportation, which had fully leased the property for more than 20 years.

“Given the optionality of future uses at the property, and the site being viewed as vacant at the time of sale, CBRE was able to provide flexibility to both investors and end-users to meet the changing demands of the market to create a competitive process,” said Mr. Hawkins, Associate with CBRE. “This transaction is indicative of the demand for location-driven assets and the trend of capital chasing smaller deal sizes given the current high-interest rate environment.”

Located at 4101 Capital Blvd., New Hope Center was originally built in 1984 as a multi-tenant flex property before being converted into an office for the IT Division of NCDOT, which vacated in February. Situated on approximately 6 acres, the property enjoys exceptional access to major thoroughfares like Capital Boulevard and Interstates 440 and 540. While plans are still being finalized, Westgate Cars is considering using the building as a high-end vehicle showroom with event space.