Greysteel Facilitates Sale of Durham Retail Center

Durham Plaza shopping mall has a new owner.

Greysteel’s Mid-Atlantic Retail investment sales team led by Gil Neuman (pictured) has arranged the sale of Durham Plaza, a 234,500-square-foot retail center located at 2000 Avondale Drive just off the Interstate 85 junction in Durham.

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In conjunction with Tampa-based full-service commercial real estate Franklin Street Real Estate, Greysteel served as exclusive advisor and agent to the seller, Harbor Group International. Greysteel also procured the buyer, Nassimi Realty.

Built in the 1970’s, the shopping center is 90 percent occupied by a diverse mix of national and local retailers including grocery anchor Compare Foods, Harbor Freight, Big Lots, Wells Fargo Bank, E.C. Barton, Kimbrell’s Furniture and regional entertainment, food, and service tenants. Visitors here also have easy access to a bus stop for The Durham Area Transit Authority.

“Harbor Group is pleased to have added value and through Greysteel’s institutional sales process secured a quality purchaser,” Jordan Slone, chairman of Harbor Group International LLC, said in a prepared statement “We congratulate Nassimi Group on their acquisition and wish them further success.”

Durham Plaza is conveniently located near major employers, such as Durham Regional Hospital and the Duke University Health System. Furthermore, there are more than 70,000 people living within three miles of the center.

Durham Plaza is also situated within 10 miles of the 7,000-acre Research Triangle Park, which ranks as one of the largest high-tech research and production centers in America. The complex is home to more than 170 major research companies that have about 42,000 full time employees and 10,000 contract workers.