The Spectrum Cos. and its partner FCA Partners have acquired Northside Center, a 14-building light industrial and office portfolio totaling 548,560 square feet within the Raleigh-Durham, N.C., MSA. The portfolio sold for $54 million.
JLL Capital Markets marketed the property on behalf of the seller, a private family trust.
Situated on 33.43 acres at Front Street and Industrial Drive, the Northside Center is within Midtown East, one of the best-performing and fastest-growing areas in Raleigh. The property is also adjacent to Interstate 440, Raleigh’s inner loop, which offers tenants easy access to Downtown Raleigh and North Hills. This infill location is also walkable to area restaurants and retail, including the new Wegman’s, which is the retail brand’s first location in North Carolina. Northside Center is 98 percent leased and comprises seven distribution/industrial warehouses, three multi-story office buildings and four single-story/flex properties.
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