by Adriana Pop, Associate Editor
Exeter Property Group has acquired the Pergo distribution center in the Greenfield business park in Garner for $8 million. According to the Triangle Business Journal, the property was sold by four family trust groups working through First American Exchange Co., an intermediary for 1031 tax-deferred real estate exchanges.
CBRE Raleigh’s J.D. “Butch” Miller, managing director and Ann-Stewart Patterson, senior associate, represented First American in the transaction.
The distribution center was built in 2002 and offers 175,230 square feet of warehouse space coupled with 4,770 square-feet of office space on a nearly 11-acre lot. It is fully leased to Pergo, a widely known laminate flooring manufacturer. In May 2012, CBRE renewed the Pergo lease on behalf of the landlord.
“The renewal stabilized the asset and created an opportunity to take the asset to market for disposition,” Miller stated in a news release.
In regional news, Lennar Corp. is planning up to 379 houses and townhomes on the north side of the WakeMed Soccer Park in Cary. The plan is one of the area’s largest proposed developments and includes 14 acres of commercial space.
Cary News reports that the project would be developed on about 97 acres of land situated west of the Cary-Raleigh border, on the Chatham Street-Hillsborough Street corridor. The homes would sit at the corner of Cary Towne Boulevard and Trinity Road, between the soccer stadium and the Cary Towne Center shopping mall.
The property is now in the process of being rezoned for high-density mixed-use development. If the plan is approved by the Cary Town Council, the developer intends to purchase the project site from the state for approximately $15 million.
Photo credits: CBRE Raleigh