Premier office asset in Durham purchased by Crescent Communities

RALEIGH, Jan. 13, 2022 -JLL Capital Markets announced today that it has closed the sale of SouthCourt, a Class A office asset totaling 133,368 square feet in Durham, North Carolina.

JLL marketed the property on behalf of the seller. Crescent Communities acquired the asset.

Completed in 1998, the six-story SouthCourt property offers high-quality construction at a significant discount to replacement cost. The property is currently 75.4% leased to a variety of credit-worthy tenants, including publicly traded international firms, expanding regional companies and local businesses in the healthcare, financial services, life sciences and legal industries, among others. SouthCourt recorded strong performance through the pandemic with more than 30,000 square feet of new deals and renewals signed.

Located at 3211 Shannon Rd., SouthCourt is positioned within a rapidly densifying area between Downtown Durham and Chapel Hill. The property is walkable to nearby residential and retail amenities, including the University Hill mixed-use development. In addition, SouthCourt is proximate to downtown Durham, Duke University and Research Triangle Park as well as major thoroughfares, including US-5-1 and Interstate 40.

The JLL Capital Markets team representing the seller was led by Directors John Mikels and Daniel Flynn, Senior Managing Director Ryan Clutter and Senior Director Chris Lingerfelt.

"The UHill neighborhood of South Durham area has experienced tremendous growth in new retail and multifamily development," Mikels said. "The new development in the neighborhood has bolstered office leasing activity in the submarket. As a result, offerings in this area that are brought to market are seeing a tremendous amount of investor interest and aggressive pricing."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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