JLL has announced that it has arranged $21.3 million in financing for INQ 1101, the redevelopment of a former Sam’s Club into Class A creative office space in the Durham-area community of Morrisville.
JLL worked on behalf of a partnership between DRA Advisors LLC and Mainstreet Capital Partners, to secure the five-year, floating-rate loan through Amherst Capital Management LLC.
The property was originally built in 2009 as a Sam’s Club totaling 140,302 square feet. Upon a complete renovation and repositioning plan, INQ 1101 will offer state-of-the-art new construction, 29’ to 35’ ceilings, a superior parking ratio and synergistic atmosphere that will create a collaborative suburban office setting for today’s creative workforce. The 15.34-acre site is located at 1101 Shiloh Glenn Drive within the RTP/RDU submarket offering convenient access to major transportation arteries such as Interstates 40 and 540, Chapel Hill Road/NC Highway 54 and NC Highway 147/Durham Freeway. Additionally, INQ 1101 is equidistant to the region’s three Tier 1 medical and academic research institutions, Duke University and Health System, University of North Carolina and UNC Hospitals and North Carolina State University.
The JLL Capital Markets team representing the seller included Senior Managing Director Travis Anderson and Senior Director Cory Fowler.
“This is the second creative office conversion of a big box retail store in the Carolinas that DRA and Mainstreet have undertaken,” said Anderson. “The adaptive reuse project will deliver a suburban creative office concept that will capitalize on the robust demand for collaborative office space in the Triangle region of the Carolinas.”
As noted in the recent 3Q 2019 Office Insight from JLL Research, Raleigh-Durham is experiencing exponential growth with more than 109 people moving to the area per day.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.