Well-Established Office Park in West Raleigh Trades Hands

Raleigh, NC – June 10, 2022 – CBRE|Raleigh is pleased to announce the sale of Situs Office Park in Raleigh, NC on behalf of Adler Real Estate Partners. The park was purchased by Atlanta-based real estate investment company, The Simpson Organization (TSO). CBRE|Raleigh’s Ben Kilgore, Chandler Hawkins and Leslie Holmes, as well as CBRE Inc.’s Patrick Gildea represented the seller in the transaction.

Situs Office Park contains three class A buildings totaling 156,666 square feet. Located on 14.79 acres off Situs Court, the park has immediate access to I-440 and I-40 while being within quick access to major retail centers such as Crossroads Plaza, South Hills Plaza and Cary’s newest mixed-use development, Fenton.

“The Simpson Organization thrives on office investment opportunities where they can create value. Situs Office Park not only will allow them to create value through the lease up of the present vacancy, but also through an upgrade of the current facilities as well the addition of building amenities,” said Executive Vice President Ben Kilgore with CBRE|Raleigh.

Situs Office Park is currently leased by CBRE|Raleigh’s Investor Leasing group. The park is 91 percent leased with a diverse roster of regional and national tenants that includes Circle K Stores, the GSA, Millennia Patient Services, Silanna Semiconductor, and MidPath Care Centers.

TSO has been a long-standing investor of the Triangle market. This purchase is their re-entry in the market with historic acquisition efforts focused on multi-tenant office buildings, neighborhood and specialty retail centers, and urban land located in primary Southeastern markets. Previous investments in the market include One City Plaza (formerly known as One Bank of America Plaza), Carolina Corporate Centre and The Arbors.

CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2021, the Raleigh office completed $3.3 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.

Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant light industrial and related business parks in growth markets in the United States.