Tri Properties and NAI Carolantic Realty Announce Merger

RALEIGH, N.C., Nov. 22, 2019 /PRNewswire/ -- Tri Properties and NAI Carolantic Realty, two of the Triangle's leading commercial real estate firms, today announced a merger, creating one of the largest full-service brokerage companies in the region. 

Together, the firms have more than 75 years of local expertise and a combined leasing and sales portfolio in excess of 12.7 million square feet to include office, industrial, retail, flex, and investment properties as well as 7,000+ acres of land for sale.

"The combination of our professional brokerage teams and exceptional third-party property management and construction services will create a synergy you won't find in any other commercial real estate firm," said Greg Sanchez, SIOR, President of Tri Properties. "I have tremendous respect for Steve and his impact on the Triangle region."

"Our firms have a legacy and tradition," said Steve Stroud, SIOR, Chairman of NAI Carolantic Realty.  "The merger brings together world-class expertise and a shared history of strong relationships and commitment to the region."

Stroud assembled the land that is now Imperial Center over 40 years ago and Tri Properties was established to oversee development, leasing and property management. Today, Imperial Center has over five million square feet of office, flex, R&D and warehouse/distribution space.

Sanchez and Stroud plan to maintain their two offices as they integrate teams, which include 54 employees from Tri Properties and 25 from NAI Carolantic Realty. The combined team will consist of 22 brokers. Sanchez will run the day-to-day operations of the newly formed company.

"Greg is an outstanding leader," added Stroud. "And I plan to do what I do best: envision future developments around the region like the next Crossroads, Highwoods, Brier Creek, White Oak Crossings, Greenfield Park and One North Commerce. This is what I love most about commercial real estate."

Tri Properties has developed over 5 million square feet of commercial space in the Triangle with notable projects such as Imperial Center, IQVIA Tower, Town Hall Commons, Northchase at Midtown and Palladian Corporate Center. In addition, the firm is among the largest property management companies in the region with a management portfolio in excess of 7.5 million square feet.

"Our goal is to continue innovating and playing a critical role in the future of the region," added Sanchez. "I'm excited about the opportunities that lie ahead for our staff, our clients and the generations to come."

SOURCE NAI Carolantic Realty; Tri Properties