RALEIGH – Pharr has purchased the 702 Oberlin office building near Raleigh’s Village District from Beacon Partners for $24.225 million, according to JLL, which represented the seller.
The four-story building contains 58,625 square feet on a 2.34-acre site. Beacon Partners repositioned the property from 2023 through 2025, and JLL said it reached full occupancy within 36 months after the renovation.
JLL’s Charlotte-based capital markets team represented Beacon Partners and procured Pharr as the buyer. The brokerage identified Atlantic Union Bank, Salas O’Brien, Utility Innovations, Aligned Technology Group, Prime MD and Pickett Engineering as tenants.
The property sits next to the Village District, a mixed-use area with more than 100 stores, cafes and restaurants and more than 1,000 multifamily units, according to JLL.
Pharr is a family-owned company founded in 1939 in McAdenville. The company began in textile manufacturing and now has interests in real estate investment and development, hospitality and other investments.
The official release did not disclose financing terms or a closing date.
Sources