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.