Raleigh investment firm buys first downtown property, bets on post-pandemic office bump
January 21, 2021
// Triangle Business Journal
A burgeoning real estate investment group has made its first purchase in Raleigh by buying a historic office building in the heart of downtown.
On Tuesday, Raleigh-based
Edgewater Ventures closed on the $5.45 million purchase of 111 W. Hargett St. – known as the Martin building – and the firm is on the hunt for new tenants to fill the space.
Completed in 1951, the 2-story building features 31,000 square feet of creative office space plus a rooftop patio and plenty of storefront glass. The property sits on 0.3 acres on a block abutting Nash Square. The property has seen a string of renovations in the last five years.
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Tim Skender, principal at Edgewater, said the acquisition was a good opportunity in a submarket that is thriving. "We’re big believers in lifestyle office or neighborhood office," he said. "1800 Central is well-located, in a dynamic, growing (submarket) where the neighborhood is the amenity for the people who office there. There’s a lot of momentum in Plaza, broadly speaking."
Following two recent leases, another building in the Wilmington Trade Center, a growing industrial park along U.S. 421, is at full occupancy.
Edgewater Ventures is pleased to announce the addition of Joey Surles, to the Edgewater Industrial team as their Senior Property Accountant.
