Stan Johnson Company Brokers $24.0 Million Ground Lease Sale of Durham, North Carolina Costco and Home Depot

1700 North Pointe Drive

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the ground lease sale of a two-property portfolio in Durham, North Carolina. Located at 1510 and 1700 North Pointe Drive, the single-tenant retail properties are leased to Costco and Home Depot and total 148,660 square feet and 120,000 square feet, respectively. Jason Maier of Stan Johnson Company represented the buyer, a New York-based private investor, in the 1031 exchange. A developer based in Virginia sold the property for approximately $24.0 million. 

“We felt this was an excellent long term hold for our client that will provide stability of income given the reliability of Home Depot and Costco in addition to long term appreciation,” said Maier, Director in Stan Johnson Company’s New York office. “Our client now controls 38 acres just 1.8 miles from Duke University’s main campus.” 

Located in the North Durham submarket, the properties are two anchor tenants in the North Pointe Shopping Center. The power center serves a customer base of approximately 94,000 residents in a three-mile radius. Strategically located in a dense retail corridor with freeway visibility, neighboring tenants include Harris Teeter, PetSmart, Ross Dress for Less and many more national retailers.  

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $45 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.