Raleigh investment firm buys first downtown property, bets on post-pandemic office bump
January 21, 2021
// Triangle Business Journal
A burgeoning real estate investment group has made its first purchase in Raleigh by buying a historic office building in the heart of downtown.
On Tuesday, Raleigh-based
Edgewater Ventures closed on the $5.45 million purchase of 111 W. Hargett St. – known as the Martin building – and the firm is on the hunt for new tenants to fill the space.
Completed in 1951, the 2-story building features 31,000 square feet of creative office space plus a rooftop patio and plenty of storefront glass. The property sits on 0.3 acres on a block abutting Nash Square. The property has seen a string of renovations in the last five years.
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Edgewater Ventures paid $25 million for 601 Keystone Park Drive in Morrisville, according to Durham County deed records. The acquisition was a joint venture with Optimum Asset Management, which has offices in Boston and Europe.
The first phase of Wilmington Trade Center, a master planned industrial park on U.S. 421, recently wrapped up, while work on the next phase is now underway.
A Longs-area industrial park that currently serves Amazon and Pepsi distributors plans to expand with a 60-acre acquisition, offering more space for industries to step into Horry County.
