Capitol Broadcasting Acquires Old Bull and Noell Buildings at American Tobacco
Two historic apartment and retail buildings at the American Tobacco Campus in Durham have recently been purchased by the original developers of the 16-acre site.
According to the Triangle Business Journal, an affiliate of Capitol Broadcasting Company known as ATC North Residential LLC has acquired the Old Bull and Noell buildings at 300 and 312 Blackwell Street for a combined $9.5 million.
The properties had been under the ownership of American Tobacco HH LLC, an entity managed by Capmark Financial Group of Horsham, Pa. The bank took possession of the buildings in 2011, as former owner, Struever Bros. Eccles & Rouse of Baltimore went bankrupt during the recession.
The Noell building has been converted into 17 apartment units, while the Old Bull Building has been redeveloped into 57 apartments, ground-floor offices and retail space.
According to Michael Goodmon, vice president of real estate for Capitol Broadcasting, renovation work on some of the residences will continue until early next year.
“The change in ownership will be seamless for current residential and commercial tenants. We look forward to completing unfinished apartments in the buildings … and to the positive impact this work will have on American Tobacco’s renaissance and on Durham,” Goodmon told the newspaper.
In other news, the Herald Sun reports that the Durham City Council has approved $1.7 million in city/county incentives to support the reconversion of the former McPherson Hospital off West Main Street into a 143-room hotel. The city will contribute $1.3 million to the project, while the county’s share will amount to $400,000.
Developed by Concord Hospitality Enterprises Co., the approximately $29.4 million project is expected to create 31 full- and 14 part-time jobs.
In the past year, Durham’s city council and county have helped finance two other hotel developments in the city. One of the projects involves the conversion of the former Mutual Community Savings Bank on East Chapel Hill Street into the Holland Hotel, while the other involves the 21c Museum Hotels’ redevelopment of the former SunTrust tower.
Photo credits: www.opendurham.orgTags: Acquisitions/Dispositions, American Tobacco Campus, ATC North Residential LLC, Capitol Broadcasting Company, Capmark Financial Group, Commercial, Concord Hospitality Enterprises, Consumer, Conventional - Market Rate, Developers, Development, Durham apartment, Durham hospitality, Economy, Finance/Investment, hospitality, Investors, Latest Headlines, Leasing, Local, Managers, Mixed Use, Multi-Family, National, Office, Owners, Policy, Professional, Property Management, Raleigh-Durham, Raleigh-Durham Lead Story, Regional, residential, Retail