Mark Andrews pays $4.5M for Durham buildings
Raleigh real estate investor Mark Andrews says he’s not forecasting much change in the need for new office development in the Triangle anytime soon, which is why his group has decided to reinvest in a 13-year-old office park in south Durham.
Andrews’ TME Investments paid $4.5 million for the four office buildings in the Miami North Office Park at the intersection of South Miami Boulevard and Chin Page Road in Durham.
Mark Andrews says the time is right to invest in existing space.
The buildings, which have about 18,200 square feet of office space each, were about 45 percent occupied at the end of the third quarter, according to Triangle Business Journal’s quarterly Space survey.
A TME Investments subsidiary, Miami North Office Associates LLC, purchased the buildings from Lincoln National Life Insurance Co. of Philadelphia. Ben Kilgore with the CBRE real estate firm in Raleigh represented the seller in the negotiations.
Tenants at Miami North include one building leased to Burlington-based laboratory testing company LabCorp, and most of another building is leased to data hosting and software company SunGuard of Wayne, Pa. Two other buildings are mostly vacant.
“We’re seeing slowing growth in the commercial side, and I think existing space is going to continue to lease,” Andrews says. “Over the next 36 months, I think you’ll see things slow and steady, but I’m not building any new commercial right now.”
TME Investments has in the past helped fund and develop several major commercial real estate projects in the Triangle, including the Paramount condo building on Boylan Avenue in downtown Raleigh, The Cypress of Raleigh retirement community in north Raleigh and the Lake Plaza East office building in north Raleigh.
Andrews says CBRE-Raleigh will take over leasing responsibilities for the buildings from Cary-based Craig Davis Properties, and TME Investments will oversee property management.Back to News