Recently, Marcus & Millichap arranged the sale of Park Terrace, a 24,813-square-foot retail property located in Durham, NC for $4.6 million. Andrew 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.
Built on 2.7 acres with 11 suites averaging 2,255 square feet each and constructed back 1897; Park Terrace was 95 percent leased at closing due to its advantageous location near Interstate 40 and Research Triangle Park (RTP). According to Margulies “The asset had challenges but potential for long-term upside at this location is undeniable” which led them to employ their strategic marketing approach towards qualified investors who target such assets resulting multiple offers that closed 94 percent of list price.
