Value-Add Chapel Hill Office Building
RealINSIGHT Marketplace and Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, are pleased to present McClamroch Hall, a 36,207 square foot office building located in Chapel Hill, North Carolina (the “Property” or “Properties”). The two-story building, which was constructed in 1978 and sits on a 0.79-acre parcel, is home to a vibrant mix of businesses several of which are reflective of the Triangle’s core industries – healthcare and technology.
The asset boasts impressive historical occupancy figures, maintaining 100% occupancy from 2013-2015, and remaining north of 90% through 2016. Occupancy has since decreased to 41%, creating a stellar opportunity for immediate value-add via lease-up of the vacant space in the active Chapel Hill office market. The property boasts an attractive weighted average remaining lease term of 4.5 years, boosted by Ellis General Dentistry (3,447 SF) who leases space through December of 2028. The largest tenant, Habitat for Humanity (5,814 SF), leases space through June of 2022.
The Property benefits from its location in the Chapel Hill 40 office park, home to two other office buildings comprised of 123,087 square feet in aggregate which are currently 97% occupied. McClamroch Hall boasts phenomenal access to I-40, allowing for convenient access to all points of the Triangle, and is a short 4-mile commute to the heart of downtown Chapel Hill and the University of North Carolina, one of the country’s top-ranked public universities. The Chapel Hill/Orange County submarket has notable barriers to entry, as the town is known for its stringent and lengthy development approval process which often halts proposed developments in their tracks. As a result, landlords are able to capitalize on restricted supply, pent-up demand and strong rent growth.
The opportunity presents investors with a rare opportunity to acquire office product with immediate upside in Chapel Hill.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
88 Vilcom Circle, Chapel Hill, NC 27514
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.
Lamar P. Fisher
Fisher Auction Company Inc.