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RALEIGH – CBRE|Raleigh is pleased to announce the sale 111 West Hargett Street in Raleigh to Edgewater Ventures. CBRE|Raleigh’s Jimmy Poole and Ben Kilgore represented the seller, WhiteStar Advisors, in the transaction.
111 W Hargett Street [known as the Martin Building] is an approximately 32,000 square foot creative office building in downtown Raleigh. Built in 1951 and renovated in 2018, the building is currently vacant and in move-in ready condition with a rooftop patio. The site is considered a walker’s paradise located in heart of Downtown Raleigh with a walkscore of 96, surrounded by numerous restaurants and a block from Nash Square.
[The selling price was $5.45 million, according to The Triangle Business Journal, and represents the first purchase by Edwater in Raleigh.]
“We are huge believers in the future of Downtown Raleigh and are thrilled to be able to play a role in the area’s growth,” said Scot Humphrey, a partner at Edgewater Ventures. “We think creative, jewel box buildings such as 111 West Hargett will be highly coveted coming out of the pandemic, as tenants place more importance on properties that allow them the ability to control their space and not have to share common areas with other tenants.”
CBRE|Raleigh’s Investor Leasing group has been selected by Edgewater Ventures to handle the leasing for the property.
Edgewater Ventures is a commercial real estate investment firm that is focused on the acquisition and development of industrial, office, multi-family and mixed-use assets across the Carolinas. The Raleigh-based company was founded in 2020 with an office location on Glenwood Avenue.