New York-Based Co. Buys Hope Valley Square in Durham for $7.7M
An affiliate of DNA Partners of Cold Spring Harbor, N.Y. has acquired the 40,524-square-foot Hope Valley Square retail center in Durham.
According to the Triangle Business Journal, Hawthorne Retail Partners of Charlotte sold the property for $7.7 million. Berkeley Capital Advisors represented the company in the sale.
Formerly known as Shannon Plaza, the shopping center at 3710 Shannon Road is anchored by one of the busiest U.S. Postal Service offices in the city. According to the newspaper’s quarterly Space survey, Hope Valley Square was nearly 100 percent leased during this year’s first quarter. Three popular restaurants, including Only Burger, Bull Street Gourmet & Market and Pop’s Backdoor South are also among the center’s tenants.
In 2007, Hawthorne Retail Partners acquired the property for $2.4 million. Through substantial renovations, the company has converted the distressed structure into a Class A neighborhood center. Upgrades included a façade enhancement, a new pylon sign, parking lot resurfacing, as well as parking lot lighting and landscaping improvements.
In regional news, CVS has signed a 20-year ground lease to build a new, 13,000-square-foot stand-alone store on the vacant outparcel at the 113,000-square-foot Rams Plaza shopping center in Chapel Hill.
The 30-year-old retail property at 1728 Fordham Boulevard is owned by the Kalikow Group, through a joint venture entity known as Rams Plaza Associates L.L.C. The company purchased the center in December 2011.
Rams Plaza is currently 95 percent occupied and anchored by Food Lion. As a long-time junior anchor, CVS will continue to occupy 8,500 square feet of space within the center until the new store is completed.
The new lease marks the beginning of the second phase of a $3 million renovation plan. In March, the owners completed the first phase, which consisted of $1.5 million in upgrades to the facade, building structures, interior courtyard and parking areas.
“We are extremely pleased to announce this agreement with CVS, which allows us to complete our redevelopment of this shopping center,” said Edward Kalikow, president and CEO of The Kalikow Group. “Tenant retention remains very high in the area, which has significant barriers to entry, and we are gratified that CVS has chosen to expand at the new Rams Plaza.”
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