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FSC Announces First Exit From Front Street Properties Fund I

Posted on August 6th, 2020

Winston-Salem, NC – Front Street Capital is pleased to announce the successful completion of its first exit from Front Street Properties Fund I, LP, with the sale of Town Hall Commons. This strategic disposition came after three and a half years of ownership by Front Street’s Fund I. 

Town Hall Commons is a 73,000 SF three-story class-A office building located just outside of Raleigh in Morrisville, NC. The property is situated on the perimeter of Research Triangle Park, a globally recognized research and development park and the largest of its kind in the United States. The facility is currently 100% leased and serves as the corporate headquarters for Fujifilm Diosynth Biotechnologies, a division of Fujifilm (TYO: 4901) that develops and offers manufacturing processes for active ingredients for pharmaceutical companies around the world. For Fuji, Town Hall Commons serves as the office headquarters while the lab space is located in two buildings directly adjacent to the property.

The Town Hall Commons transaction was the fourth of five acquisitions in Fund I and represented the largest position in the Fund, at approximately 28.5% of equity deployed.

“We were thrilled to acquire Town Hall Commons as it is an excellent asset, situated in an incredible location with fantastic tenants. Similarly, we are thrilled with this transaction as it was a terrific outcome for our Limited Partners. While we always hate to part ways with high-quality real estate, it was the right time to take advantage of the opportunity with a highly focused buyer” said Coleman Team, Partner with Front Street Capital.

The real estate private equity division of Front Street Capital focuses on Class-A commercial real estate investment opportunities. Front Street Properties Fund I, LP closed in 2016 and is comprised of a $50mm portfolio of class-A assets across the Carolinas.

Front Street Capital did not use a sellers’ representative while the buyers were represented by Tri Properties.

If you would like more information about this topic or need to schedule an interview with Coleman Team please call 336-243-2600.

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Media Contact:

Coleman Team, Partner, Front Street Capital, Coleman@frontstreetcapitalnc.com, +1.336.250.2977

About Front Street Capital 

Front Street Capital (www.frontstreetcapitalnc.com) is a full-service development, asset management and private equity real estate company built by industry leading professionals with a drive to produce consistent, income-driven results. Over our history, Front Street Capital has developed or acquired nearly $500 million in income-producing assets across the office, industrial, healthcare, and mixed-use asset classes.