News Trinity Partners Brokers Sale of Raleigh’s 2610 Wycliff Road

Dec 16, 2015
Trinity Partners Brokers Sale of Raleigh’s 2610 Wycliff Road

Raleigh, NC – December 16, 2015 – Trinity Partners is pleased to announce the sale of 2610 Wycliff Road, a five-story, suburban office building near the intersection of Lake Boone Trail and Interstate 440 in west Raleigh.

Dunn Mileham, David Morris, and Mark Alviano of Trinity Partners represented the seller, an affiliate of Garrison Investment Group (based in New York City). The asset was purchased by an affiliate of Boston-based Albany Road Real Estate Partners for $23,550,000. Albany Road was represented internally by Scott Cloud.

Garrison purchased the building in 2012, with notable near-term expiration risk and deferred maintenance. Ownership and Trinity Partners’ Property Management team, led by Eve Pilkington and Carrie Karcher, implemented a multi-million dollar capital improvement program that included new common areas, restrooms, elevators, extensive landscaping upgrades, and an expanded parking lot. The impressive enhancements and modernized amenities proved critical to the building’s success, securing key tenant renewals and positioning the building for sale. 2610 Wycliff was 97% occupied at the time of closing.

“2610 Wycliff was very well received by the investment community,” noted Mileham. “The quality of the rent roll combined with the extensive capital improvements led to strong demand. Raleigh-Durham is very much a market that leading investors want to be in, as demonstrated by Albany Road’s recent investment activity.”

The sale of 2610 Wycliff caps off the most successful year ever for Trinity Partners’ Investment Sales Team, with over $166 million in total transaction volume in 2015.

“Our Investment Sales Team has worked purposefully across our offices to grow the platform,” said Adam Colvin, Managing Partner at Trinity Partners. “We’re proud of what they’ve accomplished this year and look forward to continued growth across the region in 2016.”