New York, NY, October 01, 2020 --(PR.com
)-- CapStack Partners (“CapStack”) is pleased to announce the acquisition of a vacant office property in Chapel Hill, North Carolina, expanding its presence in the region.
“We are very excited to add this asset to our growing Carolina portfolio,” said David Blatt, CEO of CapStack. “While the asset has a long history of stable occupancy, it was vacated by the last tenant before the COVID lockdown. As a result, the seller was very motivated to sell and we were able to strike a direct deal.”
123 & 127 Kingston Drive is located in Chapel Hill, a desirable submarket of Raleigh-Durham. CapStack will implement a renovation and lease-up plan to unlock embedded value and cash flow.
“This acquisition is an excellent example of CapStack’s ability to identify and act on distressed opportunities where we can create long term value for our investment clients,” Blatt added. “Small suburban office properties are gaining attention as companies reset their work space needs in response to COVID-19. The 'hub and spoke' office model, where companies reduce their headquarter space and add satellite offices closer to employees’ homes, is increasing demand for high-quality office space that can serve those businesses and employees seeking a work near home option.”
CapStack’s advisory group secured the debt financing for the acquisition. Blatt commented, “Despite the vacancy, the property is in a strong, stable market that is development constrained. We were able to leverage our capital markets relationships to get lender offers and structure very favorable financing terms.”
About CapStack Partners
CapStack Partners is an investment manager and debt advisor focused on real estate. Founded and led by capital markets expert and international public speaker, David Blatt. CapStack Partners delivers debt & equity solutions to real estate investors.
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