Office Investment Opportunity

Office for Sale
Catylist Listing ID: 30589056
Property Subtypes: Business Park, Office Building
Building Size (RSF): 11,580 SF
Sale Price: $2,075,000
Unit Price: $179.19 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Racine Business Court - Risk Placement Services
Class of Space: Class B
Usable Size (USF): 11,580 SF
Sale Terms: Cash to Seller
Cap Rate: 0.08%
Last Updated: 9/24/2020

Overview / Comments

Cameron Management is pleased to exclusively present the opportunity to purchase 213 Racine Drive (the “Property”), a stabilized income office opportunity in the booming Wilmington, NC market.

The Property consists of a two story, +/- 11,580 square foot office building constructed in 2004 and situated within the 3-acre Racine Business Court office complex. Strategically located in the University trade area, the property is prominently positioned to benefit from the growth in the Midtown and Mayfaire submarkets. The property is 100% leased to Risk Placement Services, Inc., which is a wholly owned subsidiary of Arthur J. Gallagher & Co (“AJG”). AJG is a US-based global insurance brokerage and risk management company with over $5.7 billion in total adjusted revenues. The investment opportunity provides attractive risk adjusted returns and an opportunity for yield enhancement with mark to market leasing in a high cost construction market.

The Property has been meticulously maintained by single ownership. The Property’s prime location in the heart of Wilmington offers excellent connectivity and linkages to abundant amenities, outstanding demographics, growing population and quality of life attractions. The Wilmington office market boast strong investor confidence with tremendous office space absorption, steady rent growth, high construction costs and high regulatory burdens for new inventory.

With limited opportunities to acquire high-quality office product with an investment grade tenant, 213 Racine Drive is an exceptional opportunity for experienced office investors to gain market share and secure yield in the desirable Midtown submarket at an entry level below replacement costs.

Current Tenants

Tenant Business Name Risk Placement Services, Inc.
Is Renting? Yes

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Tax ID/APN: R05017-002-006-002
Zoning: O&I-1
Property Visibility: Excellent
Area Description: Located on Racine Drive adjacent to the campus of the University of North Carolina at Wilmington (UNCW) 213 Racine is situated in the epicenter of commerce of Greater Wilmington. This highly visible location provides proximity to the region’s three primary transportation corridors: US Highway 17, US Highway 74 and interstate 40. Within a 15-minute drive time there are diversified housing opportunities, world class retail and life-style amenities and ready access to the region’s business leaders.
Number of Stories: 2
Year Built: 2004
Construction/Siding: Brick
Parking Type: Surface
Parking Description: 54 surface parking spaces directly adjacent to the building
Total Parking Spaces: 131
Heat Type: Electricity
Heat Source: Heat Pump, Other
Air Conditioning: Package Unit, Other
Zoning Description: O&I-1
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Unit 2, Racine Business Court

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,235 61,975 138,030
Median Age: 27.87 33.49 36.77
Households: 3,947 26,719 58,965
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