Golden Belt Campus, Durham, NC
RALEIGH/DURHAM, North Carolina, July 10, 2017 – Cushman & Wakefield today announced the sale of Golden Belt, an all-historic, LEED Gold certified mixed-use campus located in Downtown Durham. Managing Director David Finger and Director Sara Owen represented the seller, Scientific Properties, in the transaction, their fourth historic Downtown Durham sale in two years.
LRC Properties, a real estate investment firm with offices in New York and Charlotte, purchased the 145,000 square foot portfolio following their August 2016 acquisition and planned redevelopment of Mill No. 1, located adjacent to the Golden Belt campus.
Golden Belt was first home to Golden Belt Manufacturing Co. (a subsidiary of American Tobacco), and functioned as a cotton mill and manufacturing plant for tobacco byproducts and a small variety of other cotton goods. The first of its six buildings was constructed in 1901, and extensive redevelopment was completed by the seller in 2008. The buildings now predominantly consist of office space, along with retail, event space, artist studios and loft-style apartments.
Scientific Properties pioneered Downtown Durham’s redevelopment beginning with Triangle Biotechnology Center in 2001 and culminating with Golden Belt in 2008. CEO Gary Kueber, who manages development, financing, leasing, asset management and disposition for the company said, “I’m thrilled that we played a role in the success of Durham over the past 10 years. I was fortunate to have investors who could also envision Durham’s future and had the fortitude to stick with it through the recession. It’s been amazing to see Durham thrive and grow since then.”
Said Ms. Owen, “Downtown Durham’s skyline continues to evolve. It is providing further opportunity for growth and development on the eastern side, including the Golden Belt Historic District.”
Mr. Finger added, “There’s a limited supply of these creative-class, brick and beam historic properties, and demand is high. We believe adaptive re-use commercial real estate projects like Golden Belt will continue to retain their appeal with tenants and investors alike.”
Cushman & Wakefield will retain property management responsibilities for the campus under the new ownership.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.