A New York real estate firm has paid $21 million for the Implus Building, a 309,000-square-foot industrial property near Research Triangle Park in Durham.
Broadstone Real Estate of Rochester was the buyer.
The seller was The Keith Corporation, which built the property at 2001 T.W. Alexander Drive in 2009.
Chris Norvell, Rob Cochran and David Finger of Cassidy Turley represented Keith in the transaction.
The property is the headquarters and global distribution hub for Implus Footcare. The company's current lease runs through August 2024.
The investment sales market for warehouse properties has been heating up.
Warehouse vacancy rates have been falling in the I-40/RTP corridor, which is home to the bulk of the Triangle's warehouse space, accounting for about half the region's 18 million square feet of inventory.
The submarket's vacancy rate was 10.8 percent in the first quarter of this year, down from 11.4 percent a year ago, according to Karnes Research, a Raleigh firm that tracks commercial real estate trends.
Rental rates increased 2 percent over that period to $4.94 per square foot.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or