The Parker Lincoln Portfolio, a 66-building portfolio of more than 4.2 million square feet of industrial and office space, was bought from affiliates of The Jack Parker Corporation by a joint venture between BPG Investment Partnership VII and AEGON USA Realty Advisors.
The purchase price of $251.3 million is the largest real estate transaction in North Carolina in the last ten years, according to Ben W. Kilgore, senior vice president with CB Richard Ellis. The portfolio is in Raleigh-Durham, the fifth fastest growing major metropolitan area in the United States, and is currently 88 percent occupied.
“The acquisition of the Parker Lincoln Portfolio provided us with the unique opportunity to acquire a large and well-located R&D industrial portfolio within the rapidly expanding Raleigh-Durham area,” said Roy C. Perry, Senior Vice President of BPG, who along with David Barndt, vice president of BPG and George Haines, project executive of BPG, directed the acquisition.
The portfolio is primarily comprised of approximately 50,000-square-foot, light industrial buildings. Forty-nine of the 66 buildings are in five master planned business parks while the remaining buildings include a mix of stand-alone service center retail, bulk distribution and mixed use properties.
The parks and individual buildings are close to Research Triangle Park and a state highway, providing desirable locations for companies as well as retail businesses seeking to provide services to the local community.
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