Property Overview: 185,000 SF office building in addition to an adjacent 521 space parking deck located in downtown Raleigh's Warehouse District. The former warehouse building was retro-fitted in 2014 and then 90% leased to Citrix Systems.
Investment Overview: Acram Group purchased the property due to its excellent cash yield, and while not a requirement of the investment, the belief in the potential for price appreciation as downtown Raleigh continued to mature into a 24/7 dynamic office and residential market. After closing, Acram Group was able to lease the 10% vacant retail space to Citrix as well. After a 5-year hold, Acram Group sold the asset to an international buyer for a market record price.
120 S West Street
185,000 sf office building with retail and garage