Forty540 at the Perimeter Phase I - FCP and Strategic Capital Partners Announce $58.1 Million Sale of Forty540 in Raleigh/Durham, NC

Chevy Chase, MD, April 10, 2019 – FCP℠ and Indianapolis-based Strategic Capital Partners, LLC (SCP) announce the sale of Forty540, a five-story, 200,000 square foot office building in the RTP/I40 submarket of Raleigh-Durham, NC for $58.1 million. FCP and SCP acquired the highly visible site in November 2015 and delivered the building in early 2017. Forty540 was 100% leased at the time of sale.

“FCP is very proud of the success of Forty540 and with the conclusion of our business plan for the property,” said FCP Vice President for Commercial Asset Management, Sarah Hubbard.

FCP Senior Vice President for Commercial Investments, Erik Weinberg, noted, “FCP has maintained a strong presence in the Triangle for ten years with both multifamily and commercial investments as well as new development. We continue to seek commercial opportunities in this market.”

"When SCP and FCP started this development on a speculative basis we designed this building to procure a large growing tenant,” said SCP President and CEO, Rich Horn. “Fortunately, we found a tenant that was a great fit and selected our project and grew with us. We wish them continued success in Raleigh/Durham."

FCP extends its appreciation to CBRE’s Brad Corsmeier and Ed Pulliam of CBRE|Raleigh for their lease representation of FCP and SCP and to Jason High and Ham Southworth of CBRE|Raleigh for representing the buyer in their purchase of Forty540.