FCP℠ and Indianapolis-based Strategic Capital Partners, LLC (SCP) announce the sale of Forty540, a five-story, 200,000 square foot office building in the RTP/I40 submarket of Raleigh-Durham, NC for $58.1 million. FCP and SCP acquired the highly visible site in November 2015 and delivered the building in early 2017. Forty540 was 100% leased at the time of sale.
“FCP is very proud of the success of Forty540 and with the conclusion of our business plan for the property,” said FCP Vice President for Commercial Asset Management, Sarah Hubbard.
FCP Senior Vice President for Commercial Investments, Erik Weinberg, noted, “FCP has maintained a strong presence in the Triangle for ten years with both multifamily and commercial investments as well as new development. We continue to seek commercial opportunities in this market.”
“When SCP and FCP started this development on a speculative basis we designed this building to procure a large growing tenant,” said SCP President and CEO, Rich Horn. “Fortunately, we found a tenant that was a great fit and selected our project and grew with us. We wish them continued success in Raleigh/Durham.”
FCP extends its appreciation to CBRE’s Brad Corsmeier and Ed Pulliam of CBRE|Raleigh for their lease representation of FCP and SCP and to Jason High and Ham Southworth of CBRE|Raleigh for representing the buyer in their purchase of Forty540.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income- producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Strategic Capital Partners
Strategic Capital Partners, LLC (SCP) is a commercial real estate developer who invests in, develops, owns and operates properties in top tier submarkets in Charlotte, Cincinnati, Indianapolis, Nashville, Northern Virginia and Raleigh/Durham. SCP is the general partner in more than $700 million of office, industrial, multi-family and student housing properties which total nearly six million square feet. The SCP team includes real estate professionals with many years of industry experience in private equity, development, banking, property management and brokerage including Gene Zink and Richard Horn who were both long-serving senior executives at Duke Realty (NYSE:DRE). For more information, please visit www.strategiccapitalpartners.com.