FCP℠ announces the sale of Venable Center, an 87,416 square foot, three-building creative office/R&D complex in Durham, NC, to a joint venture between Wheelock Street Capital, SLI Capital and Trinity Capital Advisors.
Venable Center is a historic and revitalized 3.76- acre campus in the center of Downtown Durham, situated at the intersection of South Roxboro Street and Pettigrew Street. Since purchasing the property in January 2016 for $18 million, FCP has completed several building and site improvements, stabilized the in-place tenancy, and repositioned the property to allow for additional development potential.
FCP Senior Vice President, Erik Weinberg, noted, “FCP is very pleased with the successful execution of our business plan for Venable Center and believe this to be a terrific outcome for all of the parties involved. We continue to view the Triangle as one of the most exciting markets in which to invest and look forward to additional business in the region.”
FCP extends its appreciation to Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF for their representation in the sale.
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.