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Marcus & Millichap Arranges $4.6M Sale of Durham Shopping Center
Marcus & Millichap recently arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot retail property located in Durham, NC.
“Park Terrace is a well-located retail center near Interstate 40 and Research Triangle Park (RTP) in Durham,” said Andrew Margulies, senior vice president investments. “The asset had challenges, but the dynamic job growth in RTP and potential for long-term upside at this location is undeniable. Our strategic marketing approach to qualified investors who target this type of asset, yielded multiple offers and resulted in a closing at 94 percent of list price.”
Margulies and Harrison Creason had the exclusive listing on behalf of the seller, a limited liability company based in California, and secured the buyer, a private partnership based in Virginia.
Park Terrace was constructed in 1897 on 2.7 acres, consisting of 11 suites averaging 2,255 square feet. It was 95 percent leased at closing.
- ◦Sale/Acquisition

