Sign of the times: North Hills office sale falls short of 2006 price
// Triangle business journal
A North Hills office property has been sold for more than $20 million, but the price still fell millions short of the property's assessed value and was even below the price from nearly 20 years ago.
A joint venture between Edgewater Ventures and Northridge Capital acquiredLandmark at North Hills, a two-building complex at 4601 Six Forks Road, for $21.3million, according to Wake County deed records. The property’s assessed value is about$33.8 million.
“Landmark is precisely the type of office property that is poised to thrive as workplace trends continue to evolve,” said Tim Skender, principal with Edgewater Ventures, in a statement from JLL. “We are big believers in the region, local demand drivers and our ability to upgrade the user experience via curated capital improvements and our hands-on, hospitality-oriented asset management.”
"A combination of factors influenced our desire to purchase the building, most notably the property’s location and visibility within North Hills. We do have plans to significantly enhance the property with new amenities and a refreshed look that we feel will be highly sought after by the current tenants at the property and other office tenants looking for anew home," Humphrey said.
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