Trinity Partners announces the sale of The Central located at 137 E. Franklin Street in Chapel Hill, North Carolina
Chapel Hill, North Carolina – April 30, 2019 – A 118,517 SF mixed-use office/retail building located in downtown Chapel Hill, North Carolina, has officially sold to Grubb Properties and its 2019 Grubb Qualified Opportunity Fund, Trinity Partners is pleased to announce. Dunn Mileham, David Morris, and Mark Alviano of Trinity handled the transaction on behalf of the seller.
The investment sale included two buildings and an adjacent 276-stall parking deck located directly across from the University of North Carolina at Chapel Hill campus. Grubb Properties plans to reposition the buildings into an entrepreneurial hub that provides start-up companies with greater access to capital through the tax benefits given to qualifying businesses in opportunity zones.
“Investor appetite for the asset was strong, given the outstanding regional market fundamentals as well as the dearth of available value-add investment opportunities market-wide,” said Mark Alviano, who along with Trinity Partners’ Investment Sales team members Dunn Mileham and David Morris, marketed the property on behalf of the seller. “This offering was extremely well-received given its combination of size relative to the Chapel Hill market, as well as the associated upside inherent in the Opportunity Zone designation.”
Prior to the sale Trinity’s Raleigh-based team, including Andy Doyle, Esther Austin, Alex Dunn, and Ryan Peterman and Suzie Havens, was an integral part of initiating the re-positioning process through its leasing, property management, project management, and marketing service lines.
About Trinity Partners
Trinity Partners is a full service commercial real estate firm serving corporate users and institutional owners throughout the United States, with 10 service lines ranging from landlord and tenant representation to property management and investment sales. Trinity currently leases and/or manages over 20 million square feet of space across the region through our four offices in Charlotte and Raleigh, North Carolina, and Greenville and Columbia, South Carolina.
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