Concourse Lakeside I & II | Raleigh, NC

Posted on January 3, 2012

Raleigh, NC | Light Value-Add Office Acquisition

Project Data

Address: 2801 & 2803 Slater Road, Morrisville, NC 27560
Size: 154,553 SF
Property Type: Class A Suburban Office
Purchase Price: $24.2M ($157PSF)

Overview

Concourse Lakeside consists of two, two-story Class-A suburban office buildings directly adjacent to Raleigh’s primary employment center, the Research Triangle Park. Concourse Lakeside presents an opportunity to  generate strong current cash flow, with the opportunity to create value by improving the cosmetic appearance of the buildings, leasing the remaining vacancy and rolling the in-place rents to market.  Current market conditions are superb with a 3.7% submarket vacancy rate, and Raleigh is forecast to lead the country in population and job growth, indicating significant future demand growth in an already tight market.