Research Triangle Industrial Center
409 Airport Boulevard
Raleigh-Durham, NC
ACQUIRED
January 2007
SOLD
July 2013
SQUARE FOOTAGE
153,652
TYPE OF BUILDING
Warehouse, Distribution
Ideally located in Raleigh-Durham’s premier submarket, Cambridge Hanover purchased the Research Triangle Industrial Center in 2007. Upon acquisition, many of the twenty year old property’s tenants were on short-term leases and/or leases that expired within twelve months. Cambridge Hanover immediately initiated a plan to stabilize the rent roll and attract a higher quality tenant roster. Tenants have included Whole Foods Market Group, Towne Air Freight, Pilkington North America, Baker Distributing Company, and Burt’s Bees, a subsidiary of Clorox. After completing substantial renovations and enhancements, including the construction of new tenant office suites, adding curbs along the landscaped areas, and repainting the building exteriors, Cambridge Hanover put the three-building complex on the market for sale, completing the transaction in mid-2013 and realizing substantial gains.
