Avison Young Arranges Raleigh Office Asset Sale
Vice Presidents Blake Thomas and Grant Linderman worked on behalf of the seller in the disposition of the 65,000-square-foot Crabtree Center.
Crabtree Center. Image courtesy of Avison Young
Grubb Ventures has acquired Crabtree Center, a 65,000-square-foot office building in the Glenwood/Creedmoor submarket of Raleigh, N.C., from Murray Investment Co. No. 1 LLC. Avison Young Vice Presidents Blake Thomas and Grant Linderman represented the seller. Last summer, the same brokerage team closed the $11 million sale of the Glenwood Square retail center in Chapel Hill, N.C.
Situated at 4600 Marriott Drive, at the corner of Glenwood Avenue and Creedmoor Road, the asset is adjacent to a Marriott hotel and an Embassy Suites by Hilton, within walking distance of Crabtree Valley Mall and less than 6 miles from downtown Raleigh. At the time of sale, the five-story building was 80 percent leased.
The Triangle office market recorded a net absorption of 611,103 square feet of office space between the first quarter of 2018 and same quarter of 2019, with overall vacancy increasing 10 basis points to 12.3 percent despite 2.4 million square feet of new delivery, according to a recent Avison Young report. The average full-service asking rate increased to $26.06 per square-foot in the first quarter of 2019, a 9 percent rise year-over-year.
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