4018 Patriot Drive, Durham, NC, 27703, US

One Park Center 2025

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for One Park Center (the “Building”, “Asset”, “Property”) – a 103,150 square foot highly infill shallow-bay, industrial asset located in high barriers to entry Raleigh-Durham industrial market. The Property is currently 100% leased to six (6) tenants with 3.1 years of WALT and presents investors with a near-term value creation opportunity via the mark-to-market of in-place rents approximately 20% below market. The building benefits from immediate accessibility to the greater Raleigh-Durham market by way of direct connectivity to I-885, I-540, and I-40, and sits in one of the hottest corridors in the RTP submarket. One Park Center offers investors the opportunity to acquire a shallow-bay industrial asset with substantial future mark-to-market potential in the irreplaceable RTP/I-40 submarket.

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Attributes

Building area net

9,583 m²

Occupancy

100%

Year built

1984

Land area gross

1 m²

WAULT

3.1 years

Media

Investment Highlights

EXCEPTIONALLY RARE & HIGH PERFORMING SHALLOW-BAY OFFERING

• Rare opportunity to acquire a small-footprint, shallow bay offering totaling 103,150 square feet adjacent to Research Triangle Park (RTP) – one of the most sought-after, high barriers to entry submarkets in the US with +99% occupancy

• Infill, multi-tenant product continues to outperform the broader Raleigh-Durham light industrial market, with categorically strong net absorption and rental rate growth

• 25' x 25' column spacing and 18’ clear heights

• Abundant on-site auto and trailer parking with eighteen (18) loading docks inclusive of levelers and sealer/shutters

• Ownership has made strategic capital improvements to the Property including HVAC updates, parking lot improvements, and immense exterior improvements including façade painting, outdoor tenant collaboration areas, tenant entry enhancements, exterior lighting and refreshed landscaping

SUBSTANTIAL VALUE CREATION UPSIDE VIA MARK TO MARKET

• Ability to achieve embedded mark to market through measured roll

• 3.1 years of WALT an ideal profile to capture organic NOI expansion

• Significant value creation opportunity via near-term mark to market of in-place rents currently 20% below market

• Strong historical rent growth

UNPARALLELED INFILL LOGISTICS LOCATION ADJACENT TO RESEARCH TRIANGLE PARK

• Positioned along Patriot Drive, adjacent to the 7,000-acre joint public/private Research Triangle Park (RTP), the Asset features a best-in-market location adjacent to the epicenter of the Carolinas’ research, finance and tech economy at RTP

• One Park Center sits approximately one (1) mile from the I-885 connector that joins I-40 to the south and I-85 to the north, just six (6) miles from Raleigh-Durham International Airport (RDU), and less than two (2) miles from 1-40

RESEARCH TRIANGLE PARK: RALEIGH-DURHAM’S CORE DEMAND DRIVER

• RTP is one of the largest dedicated scientific research parks in the US with a collection of some of the most globally renowned names in the Bio-/Life-Sciences and advanced pharmaceutical industries, including Fortune 500 firms

• The Park has emerged as a pillar of North Carolina’s economy, complemented by its proximity to the state’s three best-known Tier 1 research universities - Duke University, University of North Carolina, and North Carolina State University - that provide a steady stream of highly-educated workers