SOURCE: Foundry Commercial

Foundry Commercial

February 27, 2017 11:09 ET

Foundry Commercial Wins Management of 1.5-Million-Square-Foot Industrial Park, Research Tri-Center, in Raleigh

Ten-building asset brings commercial real estate firm's regional management portfolio to 6.5 million total square feet

RALEIGH, NC--(Marketwired - February 27, 2017) - Foundry Commercial, the multi-city commercial real estate firm with offices in Charlotte and Raleigh, announces today that it is now the leasing agent and manager of Raleigh's 1.5-million-square-foot industrial office park, Research Tri-Center.

Ideally positioned near Interstate 40, Interstate 85, the Durham Freeway (Highway 147), and the I-540 Outer Loop of Raleigh, Research Tri-Center lies within the heart of the Research Triangle region, with centralized access to Raleigh, Durham, Chapel Hill and Cary. Already a premier industrial park in the area, the ten-building property, which is currently 98 percent leased, will undergo several improvements under Foundry's management and partnership with Clarion Partners, including roof replacement, asphalt work and landscaping work. Clarion holds the property on behalf of a commingled fund managed by the firm.

"Having leasing and management under one roof at Research Tri-Center gives us the flexibility and capabilities that are required to maintain this high-quality asset to the best of our abilities for current and future tenants," said John Kelly, SIOR, market leader at Foundry Commercial. "As our property management team continues to grow in Raleigh, we are increasingly excited by opportunities like this one, which allow us to serve our customers with innovative services in an evolving market."

"We are excited to bring in Foundry as we continue to improve our park," said Joe Zingaro, vice president at Clarion Partners. "Foundry has a strong local team and we look forward to growing our relationship while providing great service to our tenants."

Foundry's property management team was established in the Raleigh market in 2013. In that short time, the team has evolved to become one of the largest in the region. This growth is a direct result of Foundry's expanding management portfolio in the Southeast.

Current space availability at Research Tri-Center includes 31,236 square feet at the South III building, and 83,119 square feet at the South VIII building.

About Foundry Commercial

Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.

About Clarion Partners

Clarion Partners, an SEC registered investment advisor, FCA authorized manager and FINRA member firm, has been a leading U.S. real estate investment manager for more than 34 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, D.C. With $44 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.

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