901 Corporate Center Drive

Sector:

Sample Success Stories

Property Description

Anthony Property Group purchased, redeveloped, leased, and sold the former Nortel Networks Training Center in Raleigh, a 186,000 square foot office building on 17.5 acres to the NC Division of Justice. Wachovia financed the acquisition with proceeds from the 1031 exchange of the Valley View building in Durham, North Carolina. The property was 10% leased to the NC State Department of Justice and the Anthony Property Group team renovated and upgraded the building to meet their specifications (31,000 square foot expansion). The tenant exercised their option to buy at the end of the first year of the lease at $38.5mm for 217,000 square feet.