Gemini Rosemont, a leading commercial real estate investment company with holdings of approximately 13-million square feet of commercial office space, acquired the Class-A, 6-story, SouthCourt office building in southern Durham, North Carolina.
"The addition of SouthCourt is a continuation of Gemini Rosemont's active acquisition program," said Michael Mahony, CEO of Gemini Rosemont. "This is the first of what we anticipate will be more acquisitions in strong markets to enhance our position on the East Coast."
"SouthCourt is considered to be the premier office building in South Durham," said Don Henry, COO/CIO for Gemini Rosemont. "It exceeds the investment criteria we have established for our acquisition program."
According to Gemini Rosemont officials, “excellent proximity to the city's major highways connects the property to downtown Durham, the Research Triangle Park and downtown Raleigh. Outstanding on-site amenities, including ground floor retail, a fitness center and salon, coupled with Fresh Market, Starbucks, Super Target and Mi Peru within walking distance, gives tenants an amenity package that is unmatched in the market.”
"Raleigh-Durham is one of our target markets for a variety of reasons, including its rapid growth, the stable, highly educated employment base, and compelling demographics," said Nick Nigro, Gemini Rosemont's senior vice president of acquisitions.
Gemini Rosemont purchased the office building from Torchlight Investors for an undisclosed price. This is the second acquisition this year by Gemini Rosemont. The company added the 19-story, 177,489 square foot 610 West Ash office tower in San Diego's downtown Little Italy district to its portfolio in April.