Hillsborough is an office and retail mixed-use investment on Hillsborough Street in Raleigh, located directly across the street from North Carolina State University (NCSU). Carolina Capital (CC) purchased the property in December of 2021.
CC’s investment objective was to acquire a well-located, quality asset with an in-place, diverse tenant mix. The property was acquired at an attractive cap rate and well below replacement costs. Furthermore, the property is strategically located in the primary retail hub of NCSU and benefits from explosive population growth in the immediate area.
CC plans to hold the asset as part of their street retail and stabilized income portfolio.