60 Liles Dean Rd. Wendell, NC 27591

FEATURED LISTING

 

60 Liles Dean Rd.,
Wendell, NC 27591
$1,200,000

OFFERED BY: Kima Commercial, LLC / Keller Williams Preferred Realty

 

PRIME LOCATION! 2.65 acres on Hwy 64/Liles Dean Rd. Directly across from thriving commercial corridor. McDonalds and banking establishment across the street, with a Hardee’s restaurant currently being built. Would be a great area for a drug store or pharmacy, a car wash, small car lot, etc. There is currently a home on foundation on the land which will convey, however the two mobile homes will not convey and will be moved before closing. The barn on the lot will also be removed before closing.

HIGHLIGHTS

  • Great road frontage
  • On busy commercial corridor
  • Combines 2 lots to make one large lot
  • Across from McDonalds and Bank

 

Want more info? Check out the property WEBSITE.

Triangle Continues to Attract Major Commercial Players

$52.35M SALE SHOWS CONTINUED INTEREST IN TRIANGLE MARKET

W.P. Carey Inc. recently paid $52.35 million for a large office building located well at 3900 Paramount Parkway in Morrisville, NC.  W.P. Carey, a net lease real estate investment trust…one of the largest in the country…acquired the significant property in Morrisville proving that the entire Triangle region continues to pace and attract investment from major players from other parts of the country.  Currently the property is home to Pharmaceutical Product Development Inc.  Headquartered in Wilmington, NC they are a player in the research healthcare provider market.

Built in 1998, at time of sale the building was had an assessed value in the $29 million dollar range.  Featuring 224,880 square feet inside, the land had a value of $2.4 million.

3900 Paramount Parkway – Morrisville, NC

Legacy @ Brier Creek Sells For $34.1 Million

Legacy at Brier Creek celebrated a one year birthdate recently with a successful sale.  Heritage Properties Inc. sold the fully leased building to a company owned by insurer Zurich North America.  It appears to be a smart purchase by the Zurich owned company as there remains space to add a second building.  The land that the building sits on…nine acres…is nicely situated on the lot facing Brier Creek Parkway.

The $34.1 million dollar deal is just another example of foreign and out of state investor money coming to the Triangle.  The $28+ per foot average lease rate puts Legacy at or near the top of the market that extends down Glenwood Avenue in Raleigh.  Fully leased with excellent tenants that include yours truly along with Keller Williams Preferred Realty, Infosys (a tech consulting services company) and IRS and Sage Therapeutics among others.

Heritage Properties intends to reinvest the proceeds of the sale back into this market and will continue to grow it’s portfolio.

 

Kima Commercial, Llc. is poised to assist you with all of your real estate needs.

Why Companies Are Choosing The Triangle

Why Companies Are Choosing The Triangle

My wife moved here three years ago and me following suit shortly one year after. Why? She got accepted into the #1 pharmacy school in the nation. (UNC Eshelman School of Pharmacy) The triangle of North Carolina (Raleigh, Durham, Chapel Hill) is known for its outstanding academics and therefore, good workers. Duke is ranked in the top ten, Chapel Hill following in the top thirty and NC State rounding out the top 100 (81). Not only do these colleges rank high in undergrad education but they also offer some of the best medical practices in the nation. Duke overall ranks number 17 and UNC is also in the rankings. With being such an educated market, it also means companies want to choose the triangle and the high IQ that is right in their backyard.

why do companies move to the triangle

There is also an excitement around the triangle of cities being rated as top places to live. Raleigh/Durham ranks #13 on the best places to live thanks to affordability and the job market created around a very green and active community that continues to produce more outside activities every year. For example, hop on the newly completed American Tobacco Trail and go from Apex all the way, 22.6 miles later through Cary, finishing in downtown Durham for some great food at the many local restaurants. Another reason the triangle is so special is the access to having it both ways in terms of outdoor activities. Mountains and beach are both within distance of a days trip. A drive to the beach is an accessible 130 miles and to the mountains in just over a couple hours for hiking, skiing, and adventure. During these drives stop along the way to compete in a plethora of events from half ironman triathlons to 100 mile bike races through the Appalachian Mountains near Asheville. Or you could just stop for a casual beer from one of the many towns that have their own breweries or wineries! With so many things to do it is no doubt that appreciation will keep rising in this area.

Appreciation has grown as much as 9 percent in Raleigh for commercial space into the year of 2018. Reasoning behind that would be because vacancies are below 5 percent and the market has absorbed 1.3 million sq. feet of commercial space in 2018. Durham is falling behind those numbers at 18 percent for vacancies and absorption is in the negative. Housing is following the same trend line with home prices from 2016 to 2017 rising 7.5 percent in Raleigh and only a 2 month supply of housing. These numbers are above the national average and continue to rise month by month.

These spaces are being filled up with tech, healthcare, and financial companies. Including the possibility and excitement of both Apple and Amazon. Amazon has announced that the triangle made the short list of 20 out of hundreds. Meaning that with the vacancies so low in Raleigh that the Durham market could soon turn for the better and close the gap in vacancies and absorption. Both cities are located close to a thriving airport that is adding more flights monthly from domestic to now international to help ease the travelers wanting to go to Europe.

With markets tightening up and driving up prices, you need a strong commercial team behind you when finding your next space. With over 40 years experience on the Kima Commercial team. Whether it is finding a space to fill or a lot to build on. Our rounded team can help you from start to finish.

To learn more about what’s happening in the commercial real estate world in the Raleigh, Durham and North Carolina markets do not hesitate to contact us at Kima Commercial, LLC.  Our team of Brokers, REALTORS® and staff are here to meet your real estate needs.

https://www.usnews.com/best-colleges/duke-university-2920
http://www.triangletrails.org/pdfs/OBSERVERMAP.pdf

We look forward to working with you!

Economic Update

Economic Update

Commercial real estate is inextricably tied to economic factors, both local and beyond. Locally, it is clear things are still booming: the Raleigh-Durham area has been abuzz with news of Amazon and Apple potentially locating new offices here; a quick survey of local business journals and newspapers shows company after company bringing jobs to the area; awards for economic growth and innovation abound; and the crowds of people moving into the area have yet to subside.

Screen Shot 2018-08-05 at 3.00.47 PMTake a step further out, and there’s ample proof that our state as a whole is continuing to thrive. For just one example, the Economic Development Partnership of North Carolina (EDPNC), a nonprofit public-private partnership operating under contract with the NC Department of Commerce, reported on May 11, 2018 that North Carolina had been awarded the 2018 Prosperity Cup award for the third year in a row. EDPNC’s CEO, Christopher Chung, is quoted in the article as saying: “The fundamentals that have been drawing companies for a long time really haven’t changed much. These include a great quality of life, well-renowned educational institutions and population growth with a lot of people coming out of school or mid-career who are moving here with a job or in search of one, all of which deepens the talent pool.”

With the local and state economic booms still proliferating, we next look to the national arena, which we have been tracking and discussing for several months now in this blog. Since our last posting, the second quarter and June financial reports have been published. The highlights:

The US economy gained 213,000 jobs in June (multiple sources, mid-July 2018);
Unemployment claims dropped to 208,000 during the week ending July 14th, the lowest number since December 1969 (Fox News, 8/2/18);
The unemployment rate increased 0.2% to 4% in June, a small increase attributed to a “surge” of 600,000 previously non-job-seekers reentering the job market, reportedly to take advantage of economic growth (The Kiplinger Letter, 7/6/18; Hutchinson Family Offices, 7/16/18);
The Fed released its second .25% interest rate hike in June, as expected and previously discussed, and projected the expectation that it would raise rates twice more by the end of 2018, most likely in September and December (multiple sources, July 2018);
Stock market numbers were mixed at the end of the second quarter, with the Dow down 1.8% between January and June, the S&P 500 up 1.7% and the NASDAQ added 8.8% (Hutchinson Family Offices, 7/16/18).
The nation’s GDP for the second quarter grew by 4.1% (multiple sources, 7/27/18 – 8/1/18)
Wages and Salaries grew 2.8% over the previous 12-month period (Bureau of Labor Statistics, 8/1/18)
The effects of both enacted and potential tariffs are creating quite a bit of chatter, but conclusions are mixed and possibly premature at this time; still, they are being carefully monitored by nearly every political and financial source imaginable.

Taking everything into consideration, whether a company is relocating to the area from another part of the state or nation, expanding a current local company, moving from one part of the Triangle to another, or simply investing in the future through commercial real estate, it is clearly still a very good time for commercial real estate growth in the Raleigh-Durham area!

If you’re looking to move here to the Triangle, or are already here and looking to expand your reach with additional office, retail or other commercial space, we’d love the opportunity to help you. Please contact our experienced and knowledgeable team. You can call us directly at 919-336-1700. We look forward to hearing about you and your company, and learning about how we can help you!

We look forward to working with you!