News Vitus Enterprises Purchases Two Class A Office Buildings in Sale Leaseback Transaction

Sep 23, 2013

Sam DiFranco and Sam DiFranco, Jr. represented Vitus Enterprises in the purchase of two Class A office buildings. 6880 and 6870 Perry Creek Road total 48,000 SF and are situated on an 11 acre campus in Raleigh’s US 1 / Capital Blvd office submarket.

Current market indicators and conditions created an opportunity for Vitus Enterprises to invest in quality real estate that allows them to occupy 22,000 SF of space essentially rent-free.

Vitus Enterprises currently leases office space and has just over three years remaining on their existing lease. Trinity Partners’ Sam DiFranco and Sam DiFranco Jr searched the market for sale properties that offered the 20,000 SF Vitus Enterprises needed for their own office space. “With limited opportunities to purchase within our client’s required geographical area, we found the two buildings on the 11-acre campus, and successfully negotiated a sale leaseback with the seller, SST, and Thompkins Associates as the Tenant for one of the buildings, which allows Vitus Enterprises to occupy the second building,” said DiFranco, Jr.

“This deal had plenty of moving parts, and required diligence and in-depth market knowledge to ensure everything came together,” said DiFranco. “With the combination of sale leaseback, equity buy-down, excellent financing terms, and market timing, our client ends up occupying 22,000 SF of Class A office space essentially rent free after investing in top-quality real estate.”

The transaction was valued at $6,150,000, and the seller was represented by York Properties.