JLL's Daniel Flynn, Ryan Clutter and CJ Liuzzo Broker $24.225M Sale of 702 Oberlin Boutique Office in Raleigh to Pharr from Beacon Partners

JLL Capital Markets has completed the $24.225 million sale of 702 Oberlin, a 58,625-square-foot boutique office building located in Raleigh, North Carolina's Village District. Pharr, a family-owned company based in McAdenville, North Carolina, acquired the four-story asset from Beacon Partners, a Carolinas-based commercial real estate firm. The transaction closed September 3, 2026.

The deal reflects a price of approximately $413 per square foot for the fully leased property, which was completely repositioned between 2023 and 2025.

JLL Team Led by Daniel Flynn, Ryan Clutter and CJ Liuzzo

JLL Capital Markets represented the seller in the transaction. The Investment Sales and Advisory team was led by Senior Director Daniel Flynn, Senior Managing Director Ryan Clutter, Director CJ Liuzzo and Associate Sarah Holloway.

"702 Oberlin received a thoughtful renovation and is positioned in a generational location, allowing the building to excel in tenant attraction and retention," Flynn said. "Investors are hyper focused on the growing shortage of high-quality office space in amenity rich locations, which will drive a long-term supply demand imbalance and significant rent growth, as demand continues to grow while the overall office inventory shrinks."

Property Overview: 702 Oberlin in Raleigh's Village District

Built in 1985 and renovated through 2025, 702 Oberlin sits on a 2.34-acre site at 702 Oberlin Rd in Raleigh, NC 27605, adjacent to the Village District — a mixed-use corridor home to more than 100 stores, cafes and restaurants and more than 1,000 multifamily units. The building offers walkability to over 600,000 square feet of retail and dining and is positioned near established executive neighborhoods including Hayes Barton, Cameron Park, University Park, Budleigh and Five Points.

The repositioning program included upgrades to the lobby, restrooms and exterior façade, as well as elevated interior buildouts. The building features abundant surface parking across its four stories.

Following the renovation, 702 Oberlin achieved 100% occupancy within 36 months. Key tenants include Atlantic Union Bank, Salas O'Brien, Utility Innovations, Aligned Technology Group, Prime MD and Pickett Engineering.

Beacon Partners' Value-Add Exit

Beacon Partners acquired 702 Oberlin in early 2021 as part of a broader push into the Raleigh-Durham market. At the time of acquisition, approximately 50,000 square feet of the building was available for lease. Beacon executed a lease-up and stabilization strategy, reaching 68% occupancy roughly 18 months after purchase before completing the full repositioning and achieving full occupancy ahead of the sale.

Beacon Partners leases, owns or manages more than 14 million square feet of commercial space throughout the Carolinas, with a portfolio spanning industrial, office, mixed-use and multifamily properties.

About the Buyer: Pharr

Pharr was founded in 1939 in McAdenville, North Carolina, with roots in textile manufacturing. The company has evolved over generations into a diversified business with interests in real estate investment and development, hospitality and other strategic investments.

Market Context: Bifurcation Toward Amenitized Office Product

The 702 Oberlin transaction reflects a broader bifurcation in the office market toward well-located, smaller-format, amenity-rich product. The $413-per-square-foot pricing is a notable outcome for a renovated mid-1980s asset in Raleigh's core, underscoring investor appetite for stabilized boutique office buildings in live-work-play locations as overall office inventory continues to contract.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries.

Sources

JLL Capital Markets — 702 Oberlin Sale Announcement (September 3, 2026)