The Arbors, an office park in Raleigh, North Carolina. Half the property is leased to State of North Carolina until 2025.
The deal combines a high yield of 8-9% cash return in the coming years and has upside potential given that the current rental fees are relatively low.
The tenant mix is diversified and stable. There is a long-term lease for 45% of the property to the North Carolina Treasury Department. In addition, another 15 top-notch companies rent space in The Arbors. The average lease is six years.