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Franklin Park 2 Office Properties in Chapel Hill, NC
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Investment Highlights
- Offering 1512 and 1516 Franklin Street, two professionally managed office buildings totaling a combined 50,390 square feet on 4.67 acres.
- Current occupancy at 41.2% with significant upside through lease-up, repositioning, or value-add capital improvement initiatives.
- Situated in the heart of the Research Triangle, one of the fastest-growing US regions, where rents have risen by 10% over the last five years.
- Exclusive opportunity to acquire valuable Franklin Street assets in one of North Carolina’s most iconic and supply-strained submarkets.
- Listed significantly below replacement cost, with escalating construction and land prices making new development in Chapel Hill increasingly costly.
- 2 miles to UNC and minutes to Village Plaza, University Place, and I-40, unparalleled access to retail, healthcare, education, and major employers.
Executive Summary
Unlock a prime Chapel Hill opportunity with two Franklin Street office buildings offering strong upside, an unbeatable location near UNC, and enduring long-term property value priced far below replacement cost.
This is a rare opportunity for investors to acquire 1512 and 1516 Franklin Street, two high-quality office buildings located on Chapel Hill’s iconic Franklin Street. Together, the buildings total 50,390 square feet and sit on 4.67 beautifully maintained acres in one of the most desirable and supply-constrained areas in the Triangle.
Currently 41.2% leased, this offering presents extraordinary upside through lease-up and hands-on asset management. As part of the Franklin Park Association, a detached land condominium, an incoming owner would control over 85% of the association, offering a rare level of control and flexibility for future decision-making.
Just 2 miles from UNC-Chapel Hill, the site offers excellent access to the university, Downtown Chapel Hill, and a wide range of nearby amenities, including Village Plaza, University Place, and numerous dining, retail, and healthcare options. This infill location also provides quick access to Interstate 40, making it easy to reach Durham, RTP, RDU Airport, and other key business hubs throughout the Triangle and Triad regions.
Built between 1996 and 1997, both buildings have been professionally managed and well cared for over the years. Tenants benefit from the landmark location and excellent visibility with monument signage on Franklin Street (23,000 vehicles per day), as well as a generous parking ratio of 3.4 spaces per 1,000 SF, including 20 covered, reserved spaces.
This is a rare opportunity for investors to acquire 1512 and 1516 Franklin Street, two high-quality office buildings located on Chapel Hill’s iconic Franklin Street. Together, the buildings total 50,390 square feet and sit on 4.67 beautifully maintained acres in one of the most desirable and supply-constrained areas in the Triangle.
Currently 41.2% leased, this offering presents extraordinary upside through lease-up and hands-on asset management. As part of the Franklin Park Association, a detached land condominium, an incoming owner would control over 85% of the association, offering a rare level of control and flexibility for future decision-making.
Just 2 miles from UNC-Chapel Hill, the site offers excellent access to the university, Downtown Chapel Hill, and a wide range of nearby amenities, including Village Plaza, University Place, and numerous dining, retail, and healthcare options. This infill location also provides quick access to Interstate 40, making it easy to reach Durham, RTP, RDU Airport, and other key business hubs throughout the Triangle and Triad regions.
Built between 1996 and 1997, both buildings have been professionally managed and well cared for over the years. Tenants benefit from the landmark location and excellent visibility with monument signage on Franklin Street (23,000 vehicles per day), as well as a generous parking ratio of 3.4 spaces per 1,000 SF, including 20 covered, reserved spaces.
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Property Facts
| Sale Type | Investment or Owner User | Individually For Sale | 0 |
| Status | Active | Total Building Size | 50,390 SF |
| Number of Properties | 2 | Total Land Area | 0.81 AC |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 50,390 SF |
| Total Land Area | 0.81 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 1512 E Franklin St, Chapel Hill, NC 27514 | Office | 30,179 SF | 1997 | - |
| 1516 E Franklin St, Chapel Hill, NC 27514 | Office | 20,211 SF | 1995 | - |
Sale Advisors
Sale Advisors
Blake Thomas,
Senior Vice President
Blake specializes in the acquisition and disposition of investment properties, representing a variety of clients from high-net-worth investors and family offices to private equity funds and developers. Blake’s range of experience over the last 18 years in includes sales and leasing, development, finance, and construction. His focus includes office, medical office, industrial, and retail properties, with extensive experience in sale/leasebacks and 1031 transactions. Since joining Avison Young, he has completed over $350m of investment sales transactions.
Blake earned his MBA at UCLA Anderson School of Management, and his BS in Engineering Management and MS in Civil Engineering from Vanderbilt University. He has his Professional Engineering License and has completed over $100 million of office and institutional development in South Florida.
Blake earned his MBA at UCLA Anderson School of Management, and his BS in Engineering Management and MS in Civil Engineering from Vanderbilt University. He has his Professional Engineering License and has completed over $100 million of office and institutional development in South Florida.
Arnold Siegmund,
Principal, Landlord Representation
Arnold specializes in office leasing in the Durham and Chapel Hill markets. Before joining the company in 1998, he sold systems office furniture in the Triangle market for six years. He has over 15 years of sales and marketing experience and has developed a broad understanding of the vibrant and ever-changing Triangle market. Arnold has worked with a wide range of companies and knows how to develop solutions for each business to achieve its goals. Dedication, determination and integrity are qualities that help Arnold build long-term relationships with both the small business owner and the large corporate executive. Clients with whom he has worked include Wachovia Bank, Insomniac Games, CMP America, U.S. EPA, Blue Cross/Blue Shield of NC, Bank of America, SciQuest Inc., Rambus, Inc., Coastal Federal Credit Union, U.S. Dept. of Veteran Affairs and Duke University.
Arnold is a member of the Knights of Columbus and serves as a coach for the Capital Area Soccer League (CASL).
Arnold is a member of the Knights of Columbus and serves as a coach for the Capital Area Soccer League (CASL).
Kathy Gigac, Principal, Managing Director
As a Principal with Avison Young’s Occupier Solutions team, Kathy specializes in tenant advisory services, enterprise solutions, corporate relocations, build-to-suit projects, expansions, consolidations, site selection and lease analysis.
As a leading tenant advisory professional, she has consistently been recognized for her work as a top producer in the market. Kathy is a veteran of the Raleigh-Durham market with more than 20 years of experience working across North Carolina. She has executed numerous large lease and headquarters transactions on behalf of local and national clients including Quintiles (±300,000 sf), First National Bank (±45,000 sf), Avalara (±40,000 sf), Progress Software (±40,000 sf), Intel (±20,000 sf), Industrious (±20,000 sf), Pentair, HNTB and many other financial and professional service firms.
Kathy understands issues that are important to tenants and landlords, bringing perspective and expertise that add value and enhance returns. She provides focused real estate services to ensure clients receive paramount value with every assignment. Clients rely on her for expert market knowledge and aggressive negotiation strategies, and she tailors a strategy to meet each of her client’s specific needs. The results are evident through the consistent achievement of skillfully negotiated lease contracts, preferred site selection and competitive lease restructuring.
Prior to joining Avison Young, Kathy was Director of Tenant Advisory Services with Colliers in their Raleigh-Durham office. She is a member of the Society of Industrial and Office Realtors (SIOR) and a board member of TCAR.
As a leading tenant advisory professional, she has consistently been recognized for her work as a top producer in the market. Kathy is a veteran of the Raleigh-Durham market with more than 20 years of experience working across North Carolina. She has executed numerous large lease and headquarters transactions on behalf of local and national clients including Quintiles (±300,000 sf), First National Bank (±45,000 sf), Avalara (±40,000 sf), Progress Software (±40,000 sf), Intel (±20,000 sf), Industrious (±20,000 sf), Pentair, HNTB and many other financial and professional service firms.
Kathy understands issues that are important to tenants and landlords, bringing perspective and expertise that add value and enhance returns. She provides focused real estate services to ensure clients receive paramount value with every assignment. Clients rely on her for expert market knowledge and aggressive negotiation strategies, and she tailors a strategy to meet each of her client’s specific needs. The results are evident through the consistent achievement of skillfully negotiated lease contracts, preferred site selection and competitive lease restructuring.
Prior to joining Avison Young, Kathy was Director of Tenant Advisory Services with Colliers in their Raleigh-Durham office. She is a member of the Society of Industrial and Office Realtors (SIOR) and a board member of TCAR.
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