RALEIGH – The building occupied by Wake Technical Community College’s Beltline Education Center has been sold to a new owner in a deal brokered by CBRE|Raleigh.
The new owner of the facility located at 3200 Bush Street, Austin, Texas-headquartered Pennybacker Capital, launched a Charlotte-based office in 2020, according to a statement. The firm describes itself as “a real estate private equity investment manager” and notes in a statement that it “pursues value and income and growth strategies within a broad spectrum of real estate asset classes, across the entire capital structure.”
In addition to Wake Tech, the 20-acre site just north of I-440 also includes tenants Amazon Flex, a building supply company, and a Lennox office. In total, there are 251,314 square feet of leasable space, according to a statement.
Google Maps image of 3200 Bush Street facility.
The industrial building is an infill development that Grayson Hawkins, a vice president at CBRE|Raleigh who was one of the licensed real estate agents involved in the deal, said fit in “a unique niche” with proximity to other existing and planned developments.
“There is confidence among investors in the future performance of infill industrial properties, especially in markets like Raleigh-Durham, where the long-term growth trajectory is strong,” said Hawkins in a statement.
