Raleigh real estate firm joins $14.8M deal for Holly Springs facility
// Triangle Business Journal
RALEIGH– Investment firms in San Francisco and Raleigh have partnered to buy an industrial facility in the Holly Springs Business Park for $14.8 million.
Stockbridge of San Francisco and Edgewater Ventures of Raleigh purchased the 126,000-square-foot building on 8.43 acres from ABCZ Properties of Cary.
The property, at 161 Tradition Trail in Holly Springs, is 100 percent leased to OFM Inc., an office furniture company that is a subsidiary of Iowa-based HNI (NYSE: HNI).
ABCZ Properties, owned by Abel and Barbara Zalcberg, bought the property in 2004 and built the warehouse in 2006. The land’s assessed value is $1.375 million while the building’s assessed value is $8.26 million.
In announcing the acquisition, Chris Norvell, who leads Edgewater’s industrial platform, said Holly Springs has become a burgeoning tech, life sciences and manufacturing hub. “It’s an excellent facility in a location that has quickly become one of the hottest industrial and life sciences corridors in the Triangle,” he said.
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