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Sentinel Real Estate Investment Corp. and Mumtalakat Holding Co., the Kingdom of Bahrain’s sovereign wealth fund, acquired the three-building Lenovo Enterprise Campus in Raleigh's Research Triangle Park from 90 North Real Estate Partners and Arzan Wealth Ltd. for $135.3M.
The property consists of 7001 Development Drive, a four-story, 193K SF building completed in 1995; 8001 Development Drive, a four-story, 252K SF building completed in 1998; and the newly completed 7501 Development Drive, a two-story, 40K SF building.
The buildings are on 67 acres that include various outdoor amenities, such as a sand volleyball court, a basketball court and walking and jogging trails. The property also has a 5-acre lake and 16 acres of nature preserve.
The sellers acquired the property in 2015 for $127M from Rubenstein Partners and Grubb Properties. That deal closed about 15 months after Rubenstein and Grubb’s acquisition of the then-vacant property, and less than a year after they signed global PC manufacturer Lenovo to a long-term lease of the entire campus.
With the completion of the current deal, London-based 90 North has made its first disposition of U.S. property. The investor entered the American market four years ago, and since then, in collaboration with partners such as Arzan, has invested about $1.3B in the United States.
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