Thackeray Partners JV Sells NC Distribution Center
- Jan 28, 2019
The joint venture between Thackeray Partners and Meridian Development Group has sold North 70 Distribution Center, a 259,934-square-foot industrial facility in Durham, N.C. NorthBridge Partners has paid a little over $16 million for the asset and took out an $8.8 million loan from Keybank National Association to finance the acquisition, according to the Durham county recorder.
Located at 224 N. Hoover Road, the fully-fenced distribution center occupies 15.7 acres. The reinforced concrete construction offers front- and side-load possibilities, clear heights ranging from 21 to 23 feet, truck courts up to 195 feet deep and on-site trailer storage. The partnership had invested in capital improvements such as an updated front entrance, modern lighting and parking lot upgrades. According to HFF, which represented the seller, the center was fully leased at the time of the sale.
North 70 Distribution Center is adjacent to U.S. Highway 70, Interstate 85 and the future I-885 (East End Connector) and is located almost 4 miles from Durham, 8 miles from Research Triangle Park and 12 miles from Raleigh-Durham International Airport.
HFF’s Senior Managing Director Chris Norvell and Director Patrick Nally were part of the advisory team that worked on behalf of the joint venture. Norvell and Nally also represented the partnership between Somerset Properties and Thackeray Partners in the $32 million sale of a five-building portfolio in Greensboro, N.C., last June.
Image courtesy of HFF