Durham, NC (September 18, 2019) – Sands Investment Group announced closing on a 67,413 square foot office / industrial flex facility leased and operated by Almac Group Limited in Durham, NC since 2008. This property is strategically located in Durham, which is known as “The City of Medicine” and is home to more than 300 medical and pharmaceutical research companies.
Sands Investment Group (SIG) won this highly sought-after flex property over multiple local and national firms. The property comprises office space, warehouse / cold storage space, and laboratory space. This is a mission-critical facility for Almac Group, a clinical services tenant who provides a range of contract pharmaceutical development and manufacturing services globally. Almac Group occupies three other buildings in the same office park as they expand their footprint into Durham and the Research Triangle market.
SIG’s Industrial Group, consisting of leading brokers Amar Goli, Greg Laughton and Solomon Colvin III, leveraged their marketing platform and the firm’s extensive nationwide network of investors to generate 14 offers on the property, 3 of which were above the asking price. The Purchaser was a privately held, Los Angeles based investment firm that specializes in Industrial assets nationwide.
“Our platform reaches over 100,000 investors nationwide. By tapping into this network, we were able to bring in aggressive offers and close at above the asking price on the property. We reached a wide range of investors who offered on this deal that are based in various states and regions around the country, ranging from private investors to institutional investors. We were able to pick a very qualified and sophisticated Buyer for this asset, who worked through a complex transaction and performed well for our client,” said Goli.
Sands Investment Group had the deal under contract within the first month of marketing the property, closing at $17.1 million with a 5.91% CAP rate. Prior to the listing, the landlord was also able to successfully negotiate a renewed 15-year lease with Almac Group Limited.
“This closing is a testament to our platform. Sands Investment Group can cover all product types and reach investors nationwide. This was a big win for us in several ways – opening an office in Charlotte, forming an Industrial Group, and successfully closing on this property in the Triangle market. Growing up in the Triangle, I have transacted in that market for 15 years and this shows that we are able to successfully cover that market from our Charlotte office and with our national platform,” Goli said.
About Sands Investment Group: Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 1,900 plus transactions worth more than $4.5 billion in 48 states. Advisors with the company currently have over $700 million in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experience in net lease, retail, office and industrial transactions is unparalleled. Sands Investment Group has offices in Santa Monica, CA, Charleston, SC, Atlanta, GA, Austin, TX, and Philadelphia, PA. Learn more at www.signnn.com.