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Colliers Assists in Sale of North Raleigh Urban Infill Industrial Facility

5201 Departure

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, Twitter @Colliers or LinkedIn.


For more information, please contact: Caroline Thomas, 919-582-7940,  

Related Experts

Larry Lakins

Executive Vice President


As a Senior Vice President & Principal of Colliers International | Raleigh, Larry focuses on Industrial Project Leasing throughout the Triangle, Triad, and the coastal area of eastern North Carolina. His experience in the commercial real estate industry spans well over twenty-two years and encompasses services including industrial landlord and tenant representation, Investment Sales, and Real Estate Development. Prior to joining Colliers, Larry was with Cushman and Wakefield’s Industrial Services Group.

Larry has been acknowledged in the industry as a consistent top producer, He is recognized for his leadership roles in the real estate community, as he has served as the President of the Triangle Commercial Association of REALTORS (TCAR).   Larry has served as President of Hilltop Home a nonprofit intermediate care facility for children with developmental disabilities.   He currently serves as the chair of their foundation.

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Hunter Willard

Executive Vice President


Hunter Willard, Senior Vice President and Principal of Colliers International, is a member of the Industrial Services team in Raleigh. With more than 13 years of experience, Hunter focuses on tenant and landlord representation, as well as investment and owner/occupier sales. He has achieved an excellent reputation among his peers and prospects for his commitment to service excellence. 

Prior to joining Colliers,  Hunter was on the Industrial team at Cushman & Wakefield. Hunter concentrated on landlord and tenant representation, where his responsibilities included client portfolio management, strategy and execution of commercial properties for lease and for sale, and corporate relocations and expansions for local and national clients. Hunter also previously worked in finance and sales as a commercial mortgage broker. His knowledge and experience affords him an extensive understanding of the banking and lending industries, which aids in providing clients with a full perspective and an advantage. 

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Andrew Young

Senior Vice President


Andrew is a real estate professional on Colliers Raleigh’s Industrial Services team. Prior to joining Colliers, Andrew was a member of Cushman & Wakefield’s Logistics and Industrial Service Group, serving clients with tenant representation and agency leasing services. Andrew provides his clients with strategic market research, financial analysis, client management and transactional services. Drawing on a background in real estate research and finance, Mr. Young drives value for his clients by ensuring that they have the knowledge they need to make informed real estate decisions.

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