News

Former IBM warehouse sale tops $23M

By Ben Graham  |  Staff Writer  Triangle Business Journal

Miami

The owner of a Triangle printing company has closed out on an investment that has been more than a decade in the making, selling two warehouse buildings for $22.9 million.

A company controlled by Millennium Print Group CEO Terry Pegram closed on the sale in late October, parting ways with a 293,000-square-foot facility formerly built by IBM and now occupied by PBM Graphics

Pegram used to own the printing company and bought the buildings, located at 3700 South Miami Blvd., in 2005 for $9.9 million.

Pegram has long since departed with his former printing company, but he held onto the warehouse facility.

Beacon Partners swooped in to make the acquisition. The company develops and acquires office and industrial buildings through the Carolinas. The PBM building sale breaks down to more than $78 per square foot.

The company's property, located near the intersection of I-40 and I-540, services companies within Research Triangle Park and has been known as the largest printer of Pokemon cards, among other goods.

Pegram founded the company in 1983 and grew it to nearly 600 employees and $135 million in annual revenue before selling in 2008 to Consolidate Graphics. Today, the company is owned by RR Donnelley, a Fortune 500 marketing and commercial printing company.

In the aftermath of his sale in 2008, Pegram stayed on to helm the PBM division of Consolidated Graphics but has since departed to start Millennium Print Group.

Other managers listed as part of the entity that sold the property are Garry and Larry Pegram.

The sale comes at a time that warehouse occupancy remains tight throughout the Research Triangle Park region. Warehouse vacancy in RTP and the I-40 corridor dropped from 6.2 percent in the second quarter to less than 5.8 percent in the third quarter, according to Triangle Business Journal’s quarterly "Space" publication.

PBM Graphics will remain in the warehouse space, according to a press release from CBRE.

CBRE’s Dodson Schenck, Ann-Stewart Patterson and Butch Miller represented the seller.

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