Portfolio expands with acquisition of Raleigh–Durham’s SouthCourt
Gemini Rosemont, LLC, a leading commercial real estate investment company with holdings of approximately 13 million square feet of commercial office space, has acquired the six-story SouthCourt office building in Durham, N.C.
The acquisition of the Class A office building adds 131,976 rentable square feet to the company’s portfolio. Gemini Rosemont now owns 107 buildings in 18 states across the U.S.
Gemini Rosemont purchased the office building from Torchlight Investors. The price was not disclosed.
“The addition of SouthCourt is a continuation of Gemini Rosemont’s active acquisition program,” said Michael Mahony, chief executive officer of Gemini Rosemont. “This is the first of what we anticipate will be more acquisitions in strong markets to enhance our position on the East Coast.”
This is the second acquisition this year by Gemini Rosemont. The company added the 19-story, 177,489 square foot 610 West Ash office tower in San Diego’s downtown Little Italy district to its portfolio in April.
“SouthCourt is considered to be the premier office building in South Durham,” said Don Henry, chief operating officer and chief investment officer for Gemini Rosemont. “It exceeds the investment criteria we have established for our acquisition program.”
Excellent proximity to the city’s major highways connects the property to downtown Durham, the Research Triangle Park and downtown Raleigh. Outstanding on-site amenities, including ground floor retail, a fitness center and salon, coupled with Fresh Market, Starbucks, Super Target and Mi Peru within walking distance, gives tenants an amenity package that is unmatched in the market.
“Raleigh-Durham is one of our target markets for a variety of reasons, including its rapid growth, the stable, highly educated employment base, and compelling demographics,” said Nick Nigro, Gemini Rosemont’s senior vice president of acquisitions.
HFF director Scot Humphrey and senior managing director Ryan Clutter brokered the transaction.
Under the direction of Gemini Rosemont’s Tina Renee McCall, senior vice president for asset management, Trinity Partners will handle leasing responsibilities and property management services.