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.

Downtown Durham Is Booming!

Downtown Durham Is Booming!

Downtown Durham is booming. Take a drive down any of the one ways that will confuse you and see the change happening. It’s all local, hip, and for the better. Businesses are lurking at the opportunity of opening up shop in one of the seven downtown districts. (Brightleaf, Warehouse, Central Park, City Center, American Tobacco, Government Services, and the Golden Belt)  Showing a client downtown Durham office space is something that someone who lives in Durham can easily take for granted. Getting to know the area and what is around it is truly something special that has its own little local flare of food, shops, and entertainment.

No matter where you are in the seven districts, one thing is highly probable. You won’t notice any major chain stores or restaurants. Downtown Durham may be one of the only places in America you won’t find a Starbucks in the heart of the city. Supporting local businesses is high on the Durhamites radar and the thriving Starbucks world with 28,218 locations has yet to make its way in. Instead, they are opting for more local coffee shops and sit down restaurants. For breakfast, I highly recommend Dames Chicken and Waffles. A truly southern style homemade waffle with different options and types of chicken to put on top. Moving on from breakfast, one could take in a great lunch at any of the locally sourced restaurants including: Tobacco Road, Tylers, Bull City Burger, and Bull Mcabes, just to name a few.


Thinking of skipping lunch and going straight for the after work drinks? Do you want to set up an office space where you know your co-workers are going to be able to walk to some great hangout spots? Look no further than downtown Durham. The new rooftop bar with a pool is a great local hangout that encompass’s many different activities from hanging out around the pool overlooking the city to morning yoga class. Another new change to Durham is the amount of locally brewed beer and ciders there are. From brewing in their own shop to bringing in from Asheville and around the state, you can be lucky to find anything from a light beer to dark and all in between. While at the breweries and pubs, you’ll never be bored. Board games and yard games are all over the place and you’ll be likely to find something different at every table or in every lot. From bocce ball to corn hole, to life sized jenga – they have it all.

Don’t just take the writers word for it however; take Forbes word as Durham is the #3 place in the nation where your paycheck stretches the furthest to enjoy these activities. Take Wallethub’s word that Durham is the #7 best sports cities where you can enjoy a Durham Bulls game who is continually on top of the AAA league. Another great source would be from Growella that Durham is #1 for millennials in the country!

So whether you are on the hunt for some of the 3.2 million square feet of office space or want to get in on the brand new 612,000 currently under construction or 230,000 announced office space. Let Kima Commercial help you find the perfect space for you and your employees to take your company to the next level through work and play.

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.

We look forward to working with you!

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!