Accesso Signs, Renews 30,000 SF of Leases in N.C. Office

CRE Direct
By Orest Mandzy
July 9, 2024

Accesso Partners has signed 12,000 square feet of new leases and 18,000 sf of renewals at its Weston I office building in Cary, N.C.

The building, at 1001 Winstead Drive, is part of a two-building complex with a total of 290,183 square feet. It is now 72 percent leased.

But Accesso, which had acquired the complex in 2018 for $72.5 million, has a number of leases out for signing that would take the property’s occupancy rate to 85 percent. The Hallandale Beach, Fla., investment manager has made a number of upgrades to the property over the past six years, including renovating its lobby, fitness center and tenants’ lounge, which includes an outdoor patio.

Among the new tenants at the building are K&A Engineering and content-management company Contiem Inc., while those that renewed their leases include Western & Southern Life Insurance Co. and Hall & Burns Wealth Management LLC. Accesso was represented in the leases by CBRE.

The complex, Weston I and II, is encumbered by a $48.35 million mortgage from JPMorgan Chase Bank. The loan, which was securitized through Benchmark Mortgage Trust, 2019-B11, requires only interest payments through its January 2029 maturity and pays a coupon of 5.742 percent.

The Weston complex is within Cary’s Weston Parkway business district that’s near Interstate 40, Raleigh-Durham International Airport and includes miles of walking and bicycling trails, Lake Crabtree and Umstead Park.

During the first quarter, the property had generated $845,469 of net cash flow, according to servicer data compiled by Trepp Inc. That puts it on track to generate $3.38 million for the full year, but that excludes potential revenue from the latest lease agreements.