DURHAM, N.C. – (Sept. 26, 2019) – Bear Real Estate Advisors, a real estate investment services firm, announced today that it represented Cardinal Industrial & Enterprise Property Management Inc. in its acquisition of an approximately 67,000-square-foot flex building in Durham, N.C. for $17 million.
Located at 4238 Technology Drive, the 67,413-square-foot facility was constructed in 2002 and is situated on 4.7 acres of land. The two-story building is 100 percent leased on a triple net basis to Almac Clinical Services LLC, which originally took occupancy of the property in 2008 and extended its lease by 15 years in August 2019.
“This flex facility is strategically located in the ‘City of Medicine,’ with convenient access to downtown and the Research Triangle region via Route 501 and Interstate 85,” said Matt Bear, founder and chief executive officer. “The property is leased on a long-term basis to a premier international clinical services company that supports more than 600 pharmaceutical and biotech businesses worldwide, including 18 of the top 20 global pharma companies. This location is mission-critical as the sole clinical services property of Almac Group, with specialty equipment and infrastructure invested into it. We are pleased to have sourced this property for Cardinal Industrial & Enterprise Property Management and represented them throughout the acquisition process.”
The lease at 4238 Technology Drive is guaranteed by Almac Group Ltd., an established contract development and manufacturing organization that provides a range of integrated services across the drug development lifecycle to the pharmaceutical and biotech sectors globally. Almac operates additional facilities in close proximity to this flex facility, including an adjacent property.
“We required a custom-tailored approach to secure this investment facility, which Bear Real Estate Advisors comprehensively delivered,” said Brent Beazley of Cardinal Industrial & Enterprise Property Management. “Matt’s extensive knowledge of the market and his holistic approach to sourcing high quality investment properties was instrumental in helping us secure this high-quality location for our firm.”
The seller, Flex III, was represented by Amar Goli, with Sands Investment Group.
Durham is part of the Research Triangle area, known for its technology companies and its proximity to three major research universities: North Carolina State University, Duke University and University of North Carolina at Chapel Hill. Research Triangle Park, based in Durham, is the largest high technology research and science park in North America. Durham is home to approximately 95 percent of the more than 170 companies located in the Research Triangle region. The city is situated at the core of the Raleigh-Durham-Chapel Hill metropolitan area, which is home to approximately 2,117,103 residents, positioning the city as the fourth-fastest-growing metro area in North Carolina. Numbeo recently ranked Durham third best in the world for quality of life.
About Bear Real Estate Advisors
Bear Real Estate Advisors, founded in 2018 and headquartered in Las Vegas, is a boutique real estate investment services firm that caters to investors looking for personalized service and real world, battle-tested acquisition and disposition advice. The firm focuses on Section 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, joint venture advisory, capital structure advisory, build-to-suit developments, debt/equity, specialized search and family office/professional investor buyside representation. For more information, go to www.bear-advisors.com.