APG Capital has closed on the sale of a 28,321 square foot office building at 2625 Appliance Court in Raleigh, located just off of I-440 at Capital Boulevard. The single-story, single-tenant building has housed the “GSA” (U.S. Government Services Administration) since 2012, operating one of the two North Carolina based “MEPS” sites (Military Entrance Processing Station).
An APG entity originally acquired the property in 2014 for $1.9M and has since conducted $2 million worth of building renovations. The property sold in February for $9.5 million to a Florida-based entity; one of the largest GSA property owners in the country.
APG’s VP of Acquisitions, Daniel Walser noted, “APG Capital had a very successful exit providing the partnership with capital appreciation and the new buyer with a new predictable stream of cash flow. Assets like this, demonstrate the continued commitment to transaction volume regardless of the debt markets for properties that meet solid fundamentals and provide perks to both Buyer and Seller. Raleigh Durham continues to accrete value above the national average, and should be considered as a solid market for CRE placement.”
APG would like to thank David Divine and Rick Polley, who provided seller representation. And we give special thanks also to Property Manager Jennie Banco, for overseeing major interior and exterior improvements for the property after the renewal of the lease.
To learn more about APG Capital, visit our Portfolio page at www.aacre.com and explore other available properties here.