Baltimore, MD (December 7, 2016) – A joint venture organized by Alex. Brown Realty, Inc. (ABR) and Heritage Properties has announced development plans for a 116,000 sf Class A office building located in the Brier Creek area of Raleigh, North Carolina. ABR Chesapeake Fund V, a real estate fund sponsored by ABR, expects to invest approximately $5.9 million in the venture. Financing for the project is being provided by BB&T.
Legacy at Brier Creek is scheduled to be completed in mid-2017. The four-story office building will receive LEED certification and feature state-of-the art amenities including 10’ ceilings, floor-to-ceiling windows, and a hotel-style lobby with tenant lounge and fitness center.
Located at the intersection of T.W. Alexander Drive and Brier Creek Parkway, the building is expected to appeal to mid-sized tenants who value Brier Creek’s proximity to both Durham and downtown Raleigh, Research Triangle Park and RDU airport. “The location is compelling,” said Jim Railey, President and CEO of Heritage. “Tenants will appreciate Brier Creek’s close proximity to numerous restaurants and retail centers as well as ample on-site parking.”
“We are impressed with the strength of Raleigh’s market fundamentals,” stated Tom Burton, ABR’s chief investment officer. “We believe those fundamentals will continue to strengthen and Brier Creek will be positioned to benefit. Additionally, upside in the investment is presented by the potential to develop a second office building on the site,” added Burton.
“Heritage has a successful track record of creating value in this asset class,” commented John Prugh, President and CEO of ABR. “We expect to leverage that experience into a strong return for our investors.” While Brier Creek represents the first transaction between ABR and Heritage Properties, ABR has invested with Heritage principals for three decades.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Heritage Properties, Inc. is a Towson, Maryland-based commercial real estate owner, developer and property manager founded in 1986. Heritage currently owns and manages 1.2 million sf of office, industrial, flex and retail assets. www.heritagepropertiesinc.com