Midtown North, an 81,901-square-foot five single-story building office park located at 5910-6040 Six Forks Road in Raleigh, North Carolina sold for $16 million. The buyer is Stephens Enterprises.
Avison Young’s Bill Aucoin and Gary Lyons represented the seller, Commonwealth Partners. Aucoin represented Commonwealth Partners in its original acquisition of the property in 2015, when it was known as Twin Forks Office Park, and Lyons represented the then-seller, Twin Forks Properties. The property has undergone significant capital improvements since then.
Situated on 8.84 acres, the property is currently 79% leased. Rents in the Six Forks submarket are the highest in the market, averaging $40.63, according to Avison Young’s Q4 Raleigh-Durham office market report. Additionally, numerous single-story office properties have been removed from the office inventory in recent years due to demand for lab and life science conversions, putting additional pressure on availability and boosting rental rates.
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