Trinity Partners represents Rosemary Developments in Land Sale to Landmark Properties

A Landmark Properties affiliate has acquired 3.22 acres at the corner of Hillsborough and Concord Streets, adjacent to NC State University near downtown Raleigh. Trinity Partners represented the seller and landowner, Rosemary Developments, LLC, in the sale. The property includes a 29,000 square foot office building, formerly home to the North Carolina Equipment Company and currently occupied by Lulu.com, the remarkable self-publishing company. Lulu.com will continue to occupy the building as Landmark Properties finalizes plans to develop The Standard at Raleigh, a luxury student housing project.

Rosemary Developments acquired the property in 2007 and made significant improvements to accommodate Lulu.com’s growing business. “After nearly a decade of ownership, our client recognized the property’s potential highest and best use had elevated beyond the current needs of Lulu.com,” commented Mark Alviano, Director of Investment Sales at Trinity Partners. “Our evaluation clearly indicated the asset offered exceptional value to the nation’s top student housing developers. Landmark was selected from a group of well-qualified bidders for its outstanding development credentials and transaction capability. The project is another prime example of high-profile investors’ positive outlook on the Raleigh market, North Carolina State University and the Hillsborough Street corridor.”

In addition to the investment sales representation, Trinity Partners also providing tenant representation services to Lulu.com in their search for new office space. “Bob Young, Nigel Lee, and their talented team at Lulu.com are innovators in their industry,” said Sam DiFranco, Partner at Trinity Partners. Sam DiFranco Jr, who will be taking the lead on Lulu’s relocation, added “Office landlords are coveting the opportunity to land this tenant and we look forward to executing a successful relocation process.”