Frankie Lemmon School and Foundation Acquires 114,781-SF Raleigh Campus in CBRE-Brokered Deal

Frankie Lemmon School and Foundation has acquired a two-building campus at 4401 and 4501 Atlantic Avenue in Raleigh, North Carolina, that will serve as the nonprofit's future home, positioning the organization to expand educational and therapeutic services for children with disabilities and their families across Wake County and surrounding communities.

CBRE's Clayton Collins, Chandler Hawkins, and Harrison Benson represented Frankie Lemmon School and Foundation in the acquisition. Jane Doggett and Patrick Blackley with Foundry Commercial represented the seller.

The campus, historically marketed together as Atlantic Business Park, spans approximately 114,781 square feet across two buildings on roughly 10 acres in north Raleigh. The property previously traded for $14.4 million when fully leased to tenants including Advance Auto Parts, the City of Raleigh Police Department, and Regional Acceptance Corp. The 4401 Atlantic Avenue building, constructed in 1999, sits on approximately 5.42 acres, while the 4501 Atlantic Avenue building — a one-story flex structure built in 2000 — encompasses 56,920 square feet on approximately 4.88 acres and was vacant at the time of the nonprofit's acquisition.

A $26.5 Million Campaign Underwrites the Move

The acquisition is being supported by Frankie Lemmon's $26.5 million Expanding Possibilities fundraising campaign, led by the organization's volunteer Board of Directors and capital campaign committee. The campaign bundles acquisition costs with planned construction and renovation work, which is scheduled to begin in 2027. The campus is expected to open for preschool and grade school students in fall 2028.

Frankie Lemmon is relocating from its current 17,893-square-foot facility in East Raleigh — a move that represents more than a sixfold increase in square footage. Once completed, the new campus is expected to more than double the organization's student capacity, allowing Frankie Lemmon to serve more than 230 students. The campus will house Frankie Lemmon School, Lemmon Tree Academy, and the Frankie Lemmon Foundation under one roof, creating a unified environment designed to serve students from early childhood through high school.

Purpose-built classrooms, therapy rooms, sensory spaces, family support areas, and community gathering spaces are all planned for the renovated campus. The expanded footprint is also intended to create opportunities for collaboration with educators, healthcare providers, therapists, and other organizations serving children with disabilities throughout the region.

"Expanding Frankie Lemmon School amplifies its impact not only for students, but for the entire community, serving as a model for what is possible when you meet a child where they are — in environments built around their strengths," said Marsha Hargette, Executive Director of Frankie Lemmon School and Foundation. "Our community is strongest when every individual is empowered to contribute."

CBRE and Foundry Commercial Broker the Deal

Tom Fritsch, Senior Managing Director and Raleigh/Triad Market Leader at CBRE, emphasized the significance of the assignment for his team.

"We are grateful Frankie Lemmon trusted CBRE to help secure its future home," Fritsch said. "Representing a nonprofit of this caliber, whose work has such a meaningful impact on children and families in our community, is exactly the kind of assignment that matters most. We look forward to seeing this vision become a reality."

Suburban Office Repositioning Drives the Transaction

The deal reflects a broader pattern playing out across the Raleigh–Durham market, where older suburban office and flex properties are increasingly being repositioned for alternative uses as traditional multi-tenant office demand softens. The 4501 Atlantic Avenue building's single-story flex configuration — featuring open floor plates and generous parking — makes it well suited for conversion into specialized classrooms, therapy spaces, and sensory rooms. The property had been listed at $11.5 million, or approximately $202 per square foot, prior to the nonprofit's acquisition.

For Frankie Lemmon School and Foundation, which was founded more than 60 years ago and has operated as a cornerstone of specialized and inclusive education in Raleigh since 1965, the Atlantic Avenue campus represents the organization's most significant capital investment in its history. The $26.5 million campaign positions the nonprofit to meet rising demand for specialized educational resources across the region while establishing a long-term institutional home that can grow alongside community needs.

About Frankie Lemmon School and Foundation

Frankie Lemmon School is a nonprofit organization focused on inclusive early childhood education serving children with and without developmental disabilities. Since 1965, the organization has provided educational, therapeutic, and family support services. The Frankie Lemmon Foundation supports the school's long-term growth through charitable giving, community engagement, and capital investment initiatives. More information about the Expanding Possibilities campaign is available at frankielemmonschool.org.

Sources: CBRE Press Release