Durham Liberty Warehouse Trades for $69M

East West Partners sold the asset to a New York-based investment company. The former brick warehouse has been transformed into a 247-unit residential project that also includes 24,000 square feet of retail space.

ARA Newmark sold Liberty Warehouse, a recently completed mixed-use community in Durham, N.C. According to county records, the asset changed hands for $69 million. The new owner is an affiliate of New York-based Duck Pond Realty, a private, family-owned investment company. ARA Executive Managing Director Sean Wood represented the seller in this transaction, Chapel Hill-based real estate developer East West Partners. 

The eco-friendly community, located at 530 Foster St., includes 247 apartments and 24,000 square feet of retail space. The property features one- and two-bedroom floor plans, a fitness center, business center, swimming pool, clubhouse and 391 parking spaces. Liberty Warehouse is in close proximity to several shopping and dining options and approximately four miles from Interstate 85. Nestled in the Central Park district, the asset provides easy access to West Village, American Tobacco and the Farmers Market and is adjacent to the Durham Innovation District.

The community was built on a historic site that used to serve as a tobacco auction warehouse. As part of a downtown revitalization process, the two buildings preserved some of the architectural elements of the old Liberty Warehouse, such as the historic brick facades along Rigsbee Avenue and Central Park. Fifth Third Bank provided a $36.2 million loan for the redevelopment project. 

“We re-imagined the warehouse space as a highly amenitized, Class A+ property built to attain a LEED certification. Liberty Warehouse takes full advantage of its central location to Duke, the Durham Innovation District and Research Triangle Park with a walk score of 90 and bike score of 65,” said East West Partners Project Manager Ben Perry, in a prepared statement.

Images courtesy of Liberty Warehouse website