Colliers is pleased to announce its involvement in the sale of 5201 Departure Dr, an urban infill facility just 1.5 miles from Interstate 40 off of Capital Blvd.
Pennybacker Capital Management, a real estate investment manager based in Austin, Texas, purchased the property for $22.25 million, nearly triple the price for which the seller, Raleigh-based Stout Departure 5201 LLC, paid a year ago. Colliers Raleigh represented the seller in the transaction with Pennybacker, a year after negotiating Stout’s initial $8.0 million purchase in April 2021. Colliers Raleigh oversaw project management of all capital projects from the last year, including extensive interior and exterior renovations to the property. The team, including Larry Lakins, Hunter Willard, and Andrew Young also fully leased the property in 7 months, 11 months ahead of projections.
This sale marks the latest of several acquisitions by Pennybacker, including an industrial warehouse with an Amazon fulfillment center at 3200 Bush St in Raleigh and the South 40 Distribution Center on South Wilmington St, which marked the firm’s entrance into the market.
About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners, and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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For more information, please contact: Caroline Thomas, 919-582-7940, caroline.thomas@colliers.com
