REVA RALEIGH COLONNADE DST

8510 Colonnade Center Drive, Raleigh, NC 27615

Sale Price to DST $31,000,000

Equity Raised $10,750,000

  • Debt Financing $20,250,000
  • Sale to DST Cap Rate 6.38%
  • Leverage Ratio 65.32%
  • 5 Yr Avg Cash Returns 8.00%

UPDATED with Valeant $15.8 billion
acquistion closed in April to create
a company with $10.5 billion
in 2015 revenues

8510 Colonnade Center Drive, Raleigh, NC

100% Leased through 2023
7.39% average cash ow
13.97% expected IRR

Property Description

The site consists of one, Class A five-story office building that is 100 percent leased to a Salix Pharmaceuticals. It is located at 8510 Colonnade Center Drive in the City of Raleigh, North Carolina.

ADDRESS
8510 Colonnade Center Drive, Raleigh, NC 27615

BUILDING SIZE
130,656 Gross Square Feet
126,926 Net Rentable Square Feet

TAX PARCEL
Wake County Pin: 1708319502 000
Real Estate ID: 0295587

LAND AREA
6.80 Acres

YEAR CONSTRUCTED
2008

FOUNDATION
Concrete slab supported by concrete piers, grade beams and/or footings.

STRUCTURAL SYSTEM
Five story concrete building with steel framing.

EXTERIOR CURTAIN-WALL SYSTEM
Concrete and tinted glass windows set in metal frames.

LOBBY/ENTRANCE 

The entrance area features marble flooring with granite accents, sheetrock walls, combination painted sheetrock and acoustical ceiling panels with both indirect fluorescent and suspended incandescent fixtures.

ROOF SYSTEM 

Rubber membrane over a steel deck.

COMMON AREAS 

The ground floor elevator core features marble flooring and walls with painted sheetrock ceiling with both indirect fluorescent and suspended incandescent fixtures. Hallways of all the floors generally feature acoustic ceiling tiles with recessed LED and fluorescent lights, commercial grade carpet and both vinyl-covered and painted sheetrock walls.

LEASE SPACE 

High quality finish throughout with LEED platinum light fixtures wherever available, high quality carpet and wood glass trim and accents throughout.

RESTROOMS 

Restrooms generally feature ceramic tile floors and sheetrock walls, recessed fluorescent and incandescent lights. Stalls are floor-mounted, and countertops are marble with ceramic sinks. Doors leading to the restrooms are 8-foot solid-core, fire-rated doors set in metal frames.

BUILDING ELEVATORS

Three elevators serve the building, including two passenger elevators and one freight elevator. Vertical access is also available via stairwells.

RALEIGH-DURHAM MSA
Population: 2014 (Estimated) 1,750,092
2019 (Projected) 1,881,948
2010 Census 1,634,847
Growth 2010-2014 7.05%
Growth 2014-2019 (Estimated) 7.53%
Households: 2014 (Estimated) 677,575
2019 (Projected) 728,945
2010 Census 633,053
Growth 2010-2014 7.03%
Growth 2014-2019 (Estimated) 7.58%
2014 (Estimated) Average HH Income $77,593

Transaction Summary

Property Type Class A Office
Location Raleigh, NC
Sale Price to DST 31,000,000
Equity Raised 10,750,000
Debt Financing 20,250,000
Property Square Footage 126,926
Sale Price to DST per SF 241.09
Sale to DST Cap Rate 6.38%
Leverage Ratio 65.32%
5 Yr Avg Cash Returns 8.00%
5 Yr IRR 13.08%

ABOUT REVA

The REVA team delivers solid performance over the life of your investment. Execution matters, details matter and with REVA Raleigh Colonnade, we are focused on a buisness plan that delivers exceptional tenant service, a zero hassle occupancy and complete satisfaction to assure the highest asset value and ongoing cash flow to investors. Superior outcomes, solid returns and personal service are all part of what REVA delivers every day.

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