Brookdale Group Buys Raleigh Office Park

By Timea Papp

WestChase Office Park

CBRE has brokered the sale of WestChase Office Park, a Class A, three-building campus in Raleigh, N.C. Aegon USA Realty Advisors sold the nearly 313,000-square-foot property to The Brookdale Group, Yardi Matrix data shows. TD Bank provided $43.8 million in acquisition financing to facilitate the deal.

Located at 4000, 4011 and 4020 WestChase Blvd., in the Triangle’s West Raleigh submarket, the buildings came online between 1986 and 1990. According to the same data provider, WestChase Office Park underwent a series of cosmetic renovations and previously changed hands in 2007, when Aegon purchased the campus from Equus Capital Partners.

The CBRE team of Ben Kilgore, Brad Corsmeier, John Brewer, Chandler Hawkins and Leslie Holmes represented the seller. CBRE will continue to spearhead marketing efforts, with Corsmeier, Brewer and Hastings Crockard Jones handling leasing responsibilities at the property.

“WestChase Office Park allows The Brookdale Group to enter back into the Raleigh-Durham market with immediate scale,” Kilgore said in prepared remarks.

Earlier this year, The Brookdale Group closed another office portfolio purchase. The company acquired Colonial Center at TownPark, a roughly 662,000-square-foot office complex in Lake Mary, Fla.

Image courtesy of CBRE