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."
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