(APRIL 14, 2022 – CARY) Serac Capital Partners, LLC, a Houston based real estate investment management firm, has acquired 500 Gregson, a purpose-built single-story office property located in Cary, NC. Originally a build to suit for American Airlines, the 106,047 SF building is now home to multiple tenants, including the major tenant American Airlines, and is 93% occupied. The Research Triangle Region has seen a significant amount of single-story office product converted to life-science space to supply its booming demand. As availability of traditional one-story office space is reduced, 500 Gregson is well situated to meet a strengthening demand for this product in the market. The property was purchased for $19.25 million.

“Serac saw tremendous growth in 2021 with acquisitions in Georgia, Texas, and Colorado. We are excited to start 2022 with an acquisition in North Carolina,” said Serac Capital Partners’ CEO, Wm. Roger Gregory. “Our goal, in the office sector, is to purchase non-commodity office buildings in high growth areas, such as Raleigh-Durham. We, and our investors, continue to be rewarded with strong leasing and high occupancy across our portfolio.”

500 Gregson is prominently positioned within MacGregor Park, a 108-acre business park attractively located in one of the most affluent areas of the Research Triangle Region. It is home to many public and private companies, such as LORD Corporation, ABB, and Siemens. MacGregor Park has approximately 1M square feet of office space which is 97% occupied. Tenants at 500 Gregson are attracted to the property’s pleasing landscape, quiet work environment, and easy access from areas throughout the region. The oversized 25-acre site provides ownership with an opportunity for additional development.

“500 Gregson is a unique asset providing tenants with an unparalleled amount of parking, backup power, and HVAC systems,” said Ridley Goodpasture, the VP of Investments at Serac Capital. “It is perfect for tenants who have 24/7 operations or heavy parking needs.” 

Bill Dampier of Independent Financial provided the acquisition financing. 

Capital Associates’ Tripp Bradshaw will provide leasing representation for ownership. Capital Associates will also serve as the property management at 500 Gregson.

Ben Kilgore of CBRE represented the seller in the transaction. “CBRE Raleigh was pleased to have represented Albany Road Partners in the sale of 500 Gregson Drive in Cary, North Carolina,” said Ben Kilgore Executive Vice president for Investment sales. “The combination of location, credit tenancy, and potential future redevelopment of the site made 500 Gregson Drive a sought-after acquisition. Raleigh and the suburbs of the Triangle continue to be a highly sought-after location for growing companies and capital eager to enter this market. We appreciate Albany Road allowing us to represent them and congratulate Serac on their successful acquisition.”