Cassidy Turley Arranges $78.7M in Financing for Forum Office Park in Raleigh
by Adriana Pop, Associate Editor
Cassidy Turley has arranged financing totaling $78.7 million for The Forum office park in north Raleigh.
Conveniently located in the Six Forks submarket, the 19-acre property encompasses five Class A office buildings totaling 635,380 square feet.
Executive Managing Director John Campanella and Vice President Paul Spellman of Cassidy Turley arranged the financing on behalf of the property’s owner. The financing was provided by a commercial bank.
“Due to the institutional sponsorship and outstanding tenancy, the transaction priced aggressively making it one of the premier finance transactions in the Southeast in 2013,” Campanella said in a news release.
Highwoods-DLF Forum, LLC, a joint venture between Highwoods Properties and DLF, acquired the office park in 2008. Highwoods is leasing and managing the buildings, which have an average occupancy rate of 96 percent.
In other news, NGI Investments LLC has purchased an approximately half-acre parcel of land at the SW corner of S. Blount Street and E. Martin Street in Raleigh, where SkyHouse Raleigh, the city’s first luxury apartment tower is slated to rise. Edison Land LLC sold the property for about $4 million.
James P. Allaire, SIOR of Cushman & Wakefield | Thalhimer brokered the sale on behalf of the buyer.
Upon completion towards the end of 2014, the $60 million residential high-rise will offer 320 apartments, 5,400 square feet of retail space, a pool on the top floor, as well as a 1,224-space parking deck.
Batson-Cook and NGI Investments are financing the project, which is being developed by Atlanta-based Novare Group and Gregg Sandreuter’s Beacon Partners.
Photo credits: Highwoods Properties