Raleigh office building on Oberlin Road near popular shopping district nets $24M as price doubles

September 3, 2026 - 03:18

A fully leased office property on Oberlin Road, just steps from Raleigh's busy Cameron Village shopping district, has changed hands for $24.2 million. The buyer is Pharr Corporation, a company with deep roots in textiles that has been steadily building a commercial real estate portfolio across the Carolinas.

The sale price marks a significant jump from the building's last transaction, effectively doubling what the property fetched just a few years ago. That increase reflects both the strength of the Raleigh office market and the premium tenants are willing to pay for space in this highly walkable, amenity-rich corridor.

Pharr Corporation, originally known as a yarn manufacturer, has diversified over the decades. The firm now manages a mix of industrial, office, and residential assets, with a particular focus on properties in growing suburban and urban infill locations. This acquisition fits that pattern, giving the company a stable, income-producing asset in one of the Triangle's most desirable submarkets.

The building is currently at full occupancy, according to the sellers. Its tenant roster includes a mix of professional services, technology, and healthcare firms, drawn to the location's proximity to restaurants, shops, and easy access to Hillsborough Street and the Interstate 440 beltline.

Real estate observers note that Oberlin Road has seen steady investor interest in recent years, driven by redevelopment pressure from nearby Cameron Village and the expanding North Carolina State University campus. While new office construction has slowed nationally, existing well-located buildings with strong lease terms continue to attract serious buyers.

Neither party disclosed further terms of the deal, but local property records confirm the sale closed earlier this month. The transaction adds another data point to what has been a resilient year for office investment in Raleigh, even as other parts of the country see softer demand.