Stephens Enterprises has acquired Midtown North, a five-building single-story office park in Raleigh, North Carolina, for $16 million. The 81,901-square-foot complex is located at 5910-6040 Six Forks Road and sits on 8.84 acres in the Six Forks submarket.
Avison Young’s Bill Aucoin and Gary Lyons represented the seller, Commonwealth Partners, in the transaction. Aucoin also advised Commonwealth Partners on its original acquisition of the property in 2015, when it traded under the name Twin Forks Office Park. In that earlier transaction, Lyons represented the then-owner, Twin Forks Properties.
Since Commonwealth Partners’ 2015 purchase, Midtown North has undergone significant capital improvements. While specific upgrades were not detailed, the investment program has been substantial enough to be highlighted in connection with the most recent sale.
The office park is currently 79% leased, indicating a largely stabilized occupancy level with some remaining lease-up opportunity. The property consists of five single-story office buildings, a format that has become increasingly scarce in the surrounding market.
According to Avison Young’s Q4 Raleigh-Durham office market report, rents in the Six Forks submarket are the highest in the market, averaging $40.63. This rent benchmark underscores the submarket’s relative strength and positions Midtown North within one of the area’s most expensive office corridors.
Market conditions in the Six Forks area have been shaped by the removal of numerous single-story office properties from the inventory in recent years. Many of these assets have been converted to lab and life science uses, a trend that has reduced traditional office supply. This structural shift has added pressure on availability for remaining single-story office product and has contributed to upward pressure on rental rates.
The combination of limited supply, elevated rents, and a partially leased but upgraded asset provides the context for the $16 million sale. Midtown North’s transaction reflects investor interest in well-located office properties in submarkets where competing space has been taken out of circulation by alternative uses.
