L.A. Downey & Son Propertiesdowntowndurham.com/cms/wp-content/uploads/2015/05/... · • James...

L.A. Downey & Son PropertiesDowntown Durham, NC

FOR SALEEast Side Properties (East of Fayetteville Street on Ramseur St.):• 806 E. Ramseur Street; Parcel ID: 111882 • 810 E. Ramseur Street; Parcel ID: 111881

Two buildings to total approximately 33,500 Square Feet on 1.396 acres

West Side Properties (West of Fayetteville Street on Ramseur St.):• 704 E. Ramseur Street; Parcel ID: 102866• 706 E. Ramseur Street; Parcel ID: 102867

Numerous buildings to total about 8,600 square feet on .969 acres

Call For Pricing

Marcus JacksonManaging Director of Urban Investments(919) 645-1428

147

AMERICANTOBACCO

MUSEUMHOTEL

DURHAMCOURTHOUSE

DURHAM BULLSATHLETIC PARK

DPAC

A LOFT

COUNTY HEALTH & HUMAN SERVICES

FUTURE POLICEHEADQUARTERS

FUTURE LIGHT RAIL STATION

GATEWAYCENTRES.

ROXBORO S

TREE

T MAIN STREET

FAYETTEVILLE STREET

RTP5 MILES

1 MILE

2 MILES

2011 - 73,000 VPDVAN ALENREDEVELOPMENT

PETTIGREW STREET

704 RAMSEUR 706 RAMSEUR

806 RAMSEUR

810 RAMSEUR

1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com · (919) 782·5552 (Office)

2

Premier Urban Redevelopment OpportunityDurham, NC 27707

Exceptional Downtown and Overall Triangle Location

Downtown Durham

RTP

Raleigh-DurhamInternational Airport

Raleigh

• The site is strategically located in the rapidly revitalizing Downtown Durham market, which is only 5 miles from Research Triangle Park, while Downtown Raleigh is 14 miles from RTP.

• Site has easy access to Durham Expressway (Highway 147) and is less than a half mile from the first ramp system into Downtown for North Bound traffic traveling from the airport and RTP.

• Located within the Golden Belt District of Downtown, which is the last growth frontier in the rapidly revitalizing Downtown Durham.

• Site will be adjacent to the Dillard Station within the Durham-Orange Light Rail system, which will connect Downtown Durham to Duke University and Medical Center and Chapel Hill and University of North Carolina. The transit sales tax has been passed and the system was one of only two systems to secure approval by the Federal Transit Authority last year – planning is progressing with delivery likely in 2024 – 2025.

• Site is also directly between the planned new $60 million Police Headquarters and the Hendrick Chevrolet dealership, which will move within months. The Hendrick site, renamed Gateway Centre, is under contract for a 4 acre 308 unit multifamily development – its contract money is hard and Woodfield, the developer, has filed for site plan approval. The remaining land within this 12 acre tract will be mixed use to include high rise.

• The surrounding area is growing rapidly and a brewing operation has purchased a building at 705 E. Ramseur and has filed for permitting for a 6,000 sf brewery with public seating and a deck. A 15,301 SF arts and entertainment center is also planned for 305 S. Dillard Street, adjacent to Budd-Piper Roofing and at the corner of Dillard and Ramseur. At 806 E. Ramseur is the RL Downey Indoor Baseball Hitting facility.


3

World Class Opportunity

• Since the year 2000, there has been $3.7 billion invested in the downtown area with the majority emanating from Duke University and its Medical Center. A simple breakdown also includes $279 million in new office buildings; $620 million in new multifamily; and public facilities totaling close to $300 million.

• There are 2,875 units of Class A apartments with an average rent per sf of $1.67 and average unit size of 899 sf. All units have been built since 2000 and 1,681 units have delivered since 2011. About 880 units are under construction and the only other active proposed project is by Woodfield at Gateway Centre. One condo project of 8 units has started, a proposed project of 102 units has commenced pre-selling and another project of 30 units has filed for site plan approval.

• The hotel market has sprung to life with 435 rooms under construction and 210 rooms proposed. The Aloft Hotel is closest to the site and is under construction at DPAC on 135 rooms.

• The success of the Durham Bulls AAA baseball team and Polstar’s ranking of DPAC as 3rd best performer in the country.

• Success of the American Tobacco campus, which includes over 1 million sf of office and retail space plus DPAC, the Ballpark, about 100 apartments and the under construction Aloft Hotel. The fame and national prominence of American Underground as a hotbed for entrepreneurial growth with its 175 start-ups: http://www.americanunderground.com/

• Downtown is nationally known for its restaurants: Tastiest Town in the South for 2013 by Southern Living Magazine. New York Times ran a feature piece last year: http://www.travel.nytimes.com/2013/01/20/travel/36-hours-in-durham-nc.html?pagewanted=all&_r=0

• Duke University and Medical Center’s prominence and their dramatic growth:• Just completed an $800 million expansion to its hospital – will hire 1,000 new employees and believes the local “domino impact” will be up to 5,000 jobs• Will grow its graduate schools by 1,000• Launched a $3.2 billion capital campaign in 2012 and have raised $2.3 billion thus far.

• For more explanation of the downtown environment, please review the photo production at: http://www.trademarkproperties.com/dtdurham



4

Downtown Durham Momentum Aerial


605 APARTMENTS

WHETSTONE APARTMENTS

AMERICANTOBACCO

DURHAM BULLSATHLETIC PARK DPAC

147

ROLLING HILLS/SOUTHSIDE DEVL.

1 MILE

RTP 5 MILES

FUTURE POLICEHEADQUARTERS

GOLDEN BELTMIXED-USE

PROPOSED MIXED USE TOWER

EAST-WESTAPARTMENTS UC

HISTORIC BULLS BALLPARK

GATEWAY CENTREFUTURE MIXED-USE

WEXFORD LAB DEVELOPMENT

DUKE HOSPITALDUKE MAIN CAMPUS TWO CRESCENT APT’S UC

WEST VILLAGE APARTMENTS UC

9TH STREET VILLAGEPAPPAS APT UC

INNOVATION DISTRICT

DUKE EAST CAMPUS

75,000 ADTAERIAL KEY

DOWNTOWN DURHAM - DEVELOPMENT ACTIVITY (DECEMBER 2014)

FUTURE BREWERY

PLANNEDDURHAM LRT

PLANNEDDILLARD LRT

FUTUREMIXED-USE

MUSEUM HOTEL

UC = UNDER CONSTRUCTIONAPT = NEW APARTMENT COMMUNITYLRT = LIGHT RAIL TRANSIT

FAYETTEVILLE STREET

E. PETTIGREW STREET

ROBERT DOWNEYINDOOR BASEBALL

FACILITY

FUTURE ARTS &ENTERTAINMENT

CENTER


5

Downey Parcels Illustration


806 and 810 E. Ramseur are owned by Downey Investments LLC; 704 and 706 are owned by William A. Downey. Mr. Downey is the managing partner of both entities and is also Chairman and CEO of L.A. Downey & Son, a general contracting company founded in 1945.

• 806 E. Ramseur Street, a 12,500 sf warehouse built in 1948 is on 0.80 acres of land. There is a railroad easement that bisects the NW corner. There is a tenant place that rents the facility

• 810 E. Ramseur Street, a three story 21,000 sf office/warehouse facility built in 1945 on 0.40 acres. It also serves as the corporate and operational headquarters of L.A. Downey & Son, Inc. general contractors. The first floor has about 2,000 sf that is heated and cooled; the second floor is heated and the third floor is heated and cooled. The third floor houses the RL Downey Baseball Hitting Facility, an active training center for NCCU Baseball and various other baseball groups. It includes a pitching machine that will throw up 105 mph and a club room.

• 704 E. Ramseur Street, a 4,160 office/warehouse built in 1925. It is air conditioned and is occupied by a church as a tenant.

• 706 E. Ramseur Street, a 4,456 office/warehouse built in 1925. The building is occupied by a car repair tenant – the facility is heated and the office portion is cooled. There are about 7,300 sf of sheds on the property, with one bisecting the property line at 618 E. Ramseur Street.

• Rent roll available, based upon a confidentiality agreement.

Hendrick

(Planned Gateway Centre)

Hendrick

Planned LRT StationPlanned

Police HQ

County

Parking Lot


6

Property Parcels


704 & 706

806 & 810

704 & 706 Parcels


7


Employment and Office Market Dynamics

In the third quarter of 2014, the overall Research Triangle real estate market returned to pre-recession vacancy and absorption levels across all property sectors. Rental rates are also inching up as landlords become more comfortable with the state of the economy. The total size of the Triangle office market is 48.5 million sf with third quarter absorption at 563,399 sf, which drove the vacancy down to 14.9%.

The downtown Durham sub-market contains 3.3 million square feet, but has grown two and a half times since 2003, when the office market was 1.4 million sf. Current vacancy is 6.5% with Class A vacancy at 3.6% and Class B at 8.6%. Currently, there are no blocks of office space available larger than 17,000 sf. The dominant force in the Class A market is the American Tobacco campus, which is one block from the Gateway Centre site. This campus contains about 1 million sf of office space with a vacancy of 1.25%. It is out of land to grow.

Duke University and its Medical Center have driven the office market over recent history and currently leases about 950,000 sf. While Duke has been a driving force, downtown has increasingly become a magnet for corporate relocations over the past 5 to 10 years. The following are major examples:

• McKinney & Silver, a global advertising agency relocated from Downtown Raleigh.• Burt’s Bees, a global natural health products company, relocated its headquarters from the RTP/I-40 sub-market

in Durham County.• James Scott Farrin, a major law firm relocated also from the RTP/I-40 sub-market.• FHI 360, a global non-profit human development organization, relocated its long-time headquarters from

Research Triangle Park. It started with 300 employees at year-end 2013 and now has grown to about 400.• Alavara, a major Seattle-based developer of end-to-end sales tax compliance software, will establish a regional

hub and has leased over 25,000 square feet at year-end 2014 and plans to hire about 200.• Downtown is also experiencing significant internal growth, such as:

• Measurement Inc., a national scholastic testing company, that started in the founder’s Durham home – it now has about 400 employees in downtown.

• Bronto Software was founded in 2002 by departing staff from globally known software maker Red Hat. Today it employees 205.

• Windsor Circle was founded in 2011 by departing staff from Bronto and has already become a major customer retention software provider.

• Appia was founded in Downtown in 2008 and just months ago it announced that it was being sold for $100 million.

From the above, it is obvious that Downtown is increasingly becoming a magnet for employment growth and technology start-ups. It is home to American Underground, which provides an entire ecosystem for start-ups and early stage firms. In 2013, Google chose American Underground as its 7th “Google for Entrepreneurs Tech Hub”. The Underground was started in 2010 with 35 companies and now has 175.

And in 2013, Duke University, Measurement Inc. and Longfellow Real Estate Partners established the Innovation District, which is on the West side of Downtown. It was seeded with a significant Duke lab lease and will be an ecosystem for lab and science oriented companies to eventually total 1.7 million square feet.


8

The City Of Durham - Accolades

• Ranked #2 of America’s 20 Fastest Growing metropolitan areas• Ranked #33 in the United States as a top city for Tech Startups• Durham was recognized as #10 on the “Best Places for Business and Careers 2013”• Durham was #6 on America’s Top 10 Cities for Small Business• Durham was globally recognized for its economic potential, ranking #2 in the Top 10 Small

American Cities of the Future• Durham received the “Tastiest Town in the South’ title after a regional 2 month voting process by

Southern Living Magazine• Durham’s American Underground was selected by Google to become one of seven Entrepreneur

Tech Hubs in the US and Canada• Durham was rated #1 among America’s Leading Creative Class Metros• Forbes named the Triangle as part of the 10 Up and Coming Cities for Entrepreneurs• Rated # 1 in the country for pay equality by 247wallst.com: Female workers earned 97.4 percent of

what men earned• GQ Magazine recently voted Durham, NC The Best College Town in America (When Students are

Gone)



9

Durham-Orange LRT Station Map



10

L.A. Downey & Son, Inc. - 810 E. Ramseur Street


View from E. Ramseur St.

View from Durham Expressway


11


Property Photos

View from Durham Expressway View from South looking North to Downtown

806 & 810 Ramseur Street

RL Downey Hitting Facility at 810 Ramseur Street

RL Downey Hitting Facility at 810 Ramseur Street

704 & 706 Ramseur Street 704 & 706 Ramseur Street

L.A. Downey & Son Propertiesdowntowndurham.com/cms/wp-content/uploads/2015/05/... · • James...

Documents

Transcript of L.A. Downey & Son Propertiesdowntowndurham.com/cms/wp-content/uploads/2015/05/... · • James...