Jackpot! Home of N.C. Education Lottery in Raleigh sells for nearly $42 million

By Caleb Harshberger – Staff Writer, Triangle Business Journal
Jul 2, 2021, 3:15pm EDT

A massive commercial complex in Raleigh that’s home to the North Carolina Education Lottery has changed hands with a sale price that’s up more than 50 percent from the last time the property was sold.

On Thursday, Charlotte investor Beacon Partners paid $41.7 million for a 521,000-square-foot office and industrial complex at 2728 Capital Blvd. The property is situated on around 32 acres by the I-440 interchange with Capital Boulevard.

The seller, Raleigh-based SharpVue Capital, paid $27.5 million for the property in 2018.

“We bought it off-market at an attractive price, we added value through leasing and by entering the site into the N.C. Brownfields program, and we sold into a supportive market in which there is high demand for infill industrial, especially in a booming metro like Raleigh,” said Lee Roberts, SharpVue Capital Managing partner.

Tenants at the property include the North Carolina Education Lottery as well as Reico Kitchen and Bath, Ihrie Plumbing Supply and Inventory Management Inc.

The Lottery takes up all the office space with the others splitting the flex space portion of the property.

JLL’s Patrick Nally and William Sandridge handled the listing.

The sale joins a number of recent deals for commercial property in the Triangle.

On Wednesday, New York City-based DRA Advisors paid $10.5 million for a large industrial building in Durham. The seller, Rialto Capital, bought the property in 2018 for $5.56 million.

Earlier this month, Boston-based firm BEL Durham Limited Partnership paid $50.5 million for a 236,000-square-foot industrial facility used by FedEx Ground (NYSE: FDX) at 4357 S. Alston Ave. on the western edge of RTP.

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SharpVue has deep experience investing alongside Independent Sponsors.

What we offer Independent Sponsors:

  • Flexible capital structures, including the ability to invest meaningful equity for a one-stop solution
  • Network of investment partners and industry experts
  • Deep experience partnering with Independent Sponsors
  • Tailored approach to governance and board structures

Lee Roberts

Managing Partner

Lee co-founded SharpVue and leads its real estate investment effort. He has spent his 25+ year career in real estate investment and finance and has been involved in the sector in several contexts, including private equity, investment banking and commercial banking. Immediately prior to SharpVue, he served as budget director for the State of North Carolina, a role in which, among other initiatives, he led an effort to rationalize the state’s real estate portfolio.

Before his time in public service, Mr. Roberts was most recently Managing Director of Piedmont Community Bank Holdings, a private equity-backed bank investment platform in Raleigh. He was earlier a Partner at Cherokee Investment Partners, a real estate private equity fund in Raleigh, and he spent nine years with Morgan Stanley in London and New York, focused on real estate investment banking.

Education: Georgetown, JD; Duke, BA

SharpVue is committed to being a responsible corporate citizen. We believe that integrating environmental, social, and governance (“ESG”) considerations into our investment processes and firm policies supports value creation for all stakeholders.

  • In reviewing potential investment opportunities, we evaluate multiple factors including ESG considerations. We seek to identify ESG strengths and risks and incorporate them into our investment decisions and portfolio monitoring.
  • We aim to promote ESG awareness and accountability within the firm. Our ESG actions include:
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