CHARLOTTE, NC– HFF announced the $16.025 million sale of North 70 Distribution Center, a 259,934-square-foot distribution center fully leased in Durham, North Carolina.
The HFF team represented the seller, a partnership between Thackeray Partners and Meridian Development Group. Boston-based NorthBridge Partners purchased the asset.
North 70 Distribution Center recently underwent significant capital improvements, including upgraded lighting, new exterior paint, updated front entrances, fresh landscaping and parking lot upgrades. The front-and side-load facility features clear heights ranging from 21 to 23 feet, truck courts up to 195 feet deep and expansive trailer storage on-site. Situated on a fully fenced 15.74-acre lot at 224 North Hoover Road, the property is adjacent to U.S. Highway 70, Interstate 85 and the future 885 (East End Connector), all of which provides access to nearly 200,000 people within a 10-minute drive. Additionally, North 70 Distribution Center is three miles from downtown Durham, six miles from Research Triangle Park and 12 miles from the Raleigh-Durham International Airport.
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally.
Meridian Development Group is a commercial real estate investment firm specializing in the acquisition, development and management of functional, high-quality bulk distribution, flex and single-story office properties in major markets throughout the eastern half of the United States.
Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial and multifamily properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. Since inception, Thackeray has closed on joint venture and direct real estate transactions totaling over $4.5 billion, representing equity placements of over $930 million. Total investment activity includes over 200 separate transactions representing approximately 20,500 apartment units and over 19 million square feet of industrial space.
NorthBridge Partners is a Boston-based firm focused on principal real estate investments throughout the East Coast. The firm sources and manages real estate investments throughout the East Coast region. NorthBridge believes its deep market knowledge and highly focused strategy allows the firm to uncover interesting opportunities that fly under the institutional radar.