Budd-Piper Site
Downtown Durham, NC
FOR SALE
• 506 E. Ramseur Street; Parcel ID: 102863
• 608 E. Ramseur Street; Parcel ID: 102864
17,400 SF Building; 1.2 Acres
Call For Pricing
2 MILES
DPAC
MUSEUM
HOTEL
A LOFT
AMERICAN
TOBACCO
DURHAM
COURTHOUSE
COUNTY HEALTH
& HUMAN SERVICES
FUTURE POLICE
HEADQUARTERS
T
MAIN
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OR
OS
TR
EE
TREE
RO
XB
PE
GATEWAY
CENTRE
S.
DURHAM BULLS
ATHLETIC PARK
VAN ALEN
REDEVELOPMENT
TT
2011 - 7
3,000 V
PD
IG
RE
W
ST
T
RE
ET
FUTURE LIGHT
RAIL STATION
147
1 MILE
EE
T
YE
FA
T
E
LL
I
EV
R
ST
RTP
5 MILES
Marcus Jackson
Managing Director of Urban Investments
(919) 645-1428
T
Premier Urban Redevelopment Opportunity
Durham, NC 27707
Exceptional Downtown and Overall Triangle Location
Downtown
Durham
RTP
Raleigh-Durham
International Airport
Raleigh
• The site is strategically located in the rapidly revitalizing Downtown Durham market, which is only 5 miles
from Research Triangle Park, while Downtown Raleigh is 14 miles from RTP.
• Site has easy access to Durham Expressway (Highway 147) and is less than a half mile from the first ramp
system into Downtown for North Bound traffic traveling from the airport and RTP.
• Located within the Golden Belt District of Downtown, which is the last growth frontier in the rapidly revitalizing
Downtown Durham.
• Site will be adjacent to the Dillard Station within the Durham-Orange Light Rail system, which will connect
Downtown Durham to Duke University and Medical Center and Chapel Hill and University of North Carolina.
The transit sales tax has been passed and the system was one of only two systems to secure approval by the
Federal Transit Authority last year – planning is progressing with delivery likely in 2024 – 2025.
• Site is also directly between the planned new $60 million Police Headquarters and the Hendrick Chevrolet
dealership, which will move within months. The Hendrick site, renamed Gateway Centre, is under contract
for a 4 acre 308 unit multifamily development – its contract money is hard and Woodfield, the developer, has
filed for site plan approval. The remaining land within this 12 acre tract will be mixed use to include high rise.
• The surrounding area is growing rapidly and a brewing operation has purchased a building at 705 E. Ramseur
and has filed for permitting for a 6,000 sf brewery with public seating and a deck. A 15,301 SF arts and
entertainment center is also planned for 305 S. Dillard Street, adjacent to Budd-Piper Roofing and at the corner
of Dillard and Ramseur. At 806 E. Ramseur is the RL Downey Indoor Baseball Hitting facility.
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
World Class Opportunity
• Since the year 2000, there has been $3.7 billion invested in the downtown area with the majority emanating
from Duke University and its Medical Center. A simple breakdown also includes $279 million in new office
buildings; $620 million in new multifamily; and public facilities totaling close to $300 million.
• There are 2,875 units of Class A apartments with an average rent per sf of $1.67 and average unit size of 899
sf. All units have been built since 2000 and 1,681 units have delivered since 2011. About 880 units are under
construction and the only other active proposed project is by Woodfield at Gateway Centre. One condo project
of 8 units has started, a proposed project of 102 units has commenced pre-selling and another project of 30
units has filed for site plan approval.
• The hotel market has sprung to life with 435 rooms under construction and 210 rooms proposed. The Aloft
Hotel is closest to the site and is under construction at DPAC on 135 rooms.
• The success of the Durham Bulls AAA baseball team and Polstar’s ranking of DPAC as 3rd best performer in
the country.
• Success of the American Tobacco campus, which includes over 1 million sf of office and retail space plus
DPAC, the Ballpark, about 100 apartments and the under construction Aloft Hotel. The fame and national
prominence of American Underground as a hotbed for entrepreneurial growth with its 175 start-ups: http://
www.americanunderground.com/
• Downtown is nationally known for its restaurants: Tastiest Town in the South for 2013 by Southern Living
Magazine. New York Times ran a feature piece last year: http://www.travel.nytimes.com/2013/01/20/travel/36hours-in-durham-nc.html?pagewanted=all&_r=0
• Duke University and Medical Center’s prominence and their dramatic growth:
• Just completed an $800 million expansion to its hospital – will hire 1,000 new employees and believes
the local “domino impact” will be up to 5,000 jobs
• Will grow its graduate schools by 1,000
• Launched a $3.2 billion capital campaign in 2012 and have raised $2.3 billion thus far.
• For more explanation of the downtown environment, please review the photo production at: http://www.
trademarkproperties.com/dtdurham
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
Downtown Durham Momentum Aerial
DOWNTOWN DURHAM - DEVELOPMENT ACTIVITY (DECEMBER 2014)
DUKE HOSPITAL
WEST VILLAGE
APARTMENTS UC
DUKE MAIN CAMPUS
TWO CRESCENT APT’S UC
9TH STREET VILLAGE
PAPPAS APT UC
WEXFORD LAB
DEVELOPMENT
DUKE EAST CAMPUS
605
APARTMENTS
PLANNED
DURHAM LRT
INNOVATION DISTRICT
HISTORIC
BULLS BALLPARK
WHETSTONE
APARTMENTS
EAST-WEST
APARTMENTS UC
AMERICAN
TOBACCO
MUSEUM
HOTEL
DURHAM BULLS
ATHLETIC PARK
DPAC
FUTURE
MIXED-USE
GATEWAY CENTRE
FUTURE MIXED-USE
ET
RE
RE
IG
T
ET
FUTURE ARTS &
ENTERTAINMENT
CENTER
FAYE
TT
EVIL
147
75,000 ADT
RTP 5 MILES
PLANNED
DILLARD LRT
P
E.
ROLLING HILLS/
SOUTHSIDE DEVL.
1 MILE
W
ST
PROPOSED
MIXED USE TOWER
LE S
FUTURE POLICE
HEADQUARTERS
TRE
ET
FUTURE
BREWERY
AERIAL KEY
UC = UNDER CONSTRUCTION
APT = NEW APARTMENT COMMUNITY
LRT = LIGHT RAIL TRANSIT
GOLDEN BELT
MIXED-USE
ROBERT DOWNEY
INDOOR BASEBALL
FACILITY
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
506 Ramseur Street Building Outline
Office
Area
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
Budd-Piper (Allumar LLC) Parcel Illustration
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• Budd-Piper Roofing, the property owner, is a thriving business resident in the building. The
roofing firm was started in 1914 and was purchased by its current owner about 2 years ago.
• The existing building was built in the 1940’s and includes about 3,000 square feet of office
space with about 14,400 sf of warehouse and sheet metal shop space. Clear heights range up
to 16 feet and there is a basement of about 3,000 square feet. When the building was built it
housed a brewery.
• There are three dock high doors and the building features a large parking area, which is rare in
the parking constrained downtown.
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
Employment and Office Market Dynamics
In the third quarter of 2014, the overall Research Triangle real estate market returned to pre-recession vacancy
and absorption levels across all property sectors. Rental rates are also inching up as landlords become more
comfortable with the state of the economy. The total size of the Triangle office market is 48.5 million sf with third
quarter absorption at 563,399 sf, which drove the vacancy down to 14.9%.
The downtown Durham sub-market contains 3.3 million square feet, but has grown two and a half times since
2003, when the office market was 1.4 million sf. Current vacancy is 6.5% with Class A vacancy at 3.6% and Class
B at 8.6%. Currently, there are no blocks of office space available larger than 17,000 sf. The dominant force in the
Class A market is the American Tobacco campus, which is one block from the Gateway Centre site. This campus
contains about 1 million sf of office space with a vacancy of 1.25%. It is out of land to grow.
Duke University and its Medical Center have driven the office market over recent history and currently leases about
950,000 sf. While Duke has been a driving force, downtown has increasingly become a magnet for corporate
relocations over the past 5 to 10 years. The following are major examples:
• McKinney & Silver, a global advertising agency relocated from Downtown Raleigh.
• Burt’s Bees, a global natural health products company, relocated its headquarters from the RTP/I-40 sub-market
in Durham County.
• James Scott Farrin, a major law firm relocated also from the RTP/I-40 sub-market.
• FHI 360, a global non-profit human development organization, relocated its long-time headquarters from
Research Triangle Park. It started with 300 employees at year-end 2013 and now has grown to about 400.
• Alavara, a major Seattle-based developer of end-to-end sales tax compliance software, will establish a regional
hub and has leased over 25,000 square feet at year-end 2014 and plans to hire about 200.
• Downtown is also experiencing significant internal growth, such as:
• Measurement Inc., a national scholastic testing company, that started in the founder’s Durham home – it
now has about 400 employees in downtown.
• Bronto Software was founded in 2002 by departing staff from globally known software maker Red Hat.
Today it employees 205.
• Windsor Circle was founded in 2011 by departing staff from Bronto and has already become a major
customer retention software provider.
• Appia was founded in Downtown in 2008 and just months ago it announced that it was being sold for $100
million.
From the above, it is obvious that Downtown is increasingly becoming a magnet for employment growth and
technology start-ups. It is home to American Underground, which provides an entire ecosystem for start-ups and
early stage firms. In 2013, Google chose American Underground as its 7th “Google for Entrepreneurs Tech Hub”.
The Underground was started in 2010 with 35 companies and now has 175.
And in 2013, Duke University, Measurement Inc. and Longfellow Real Estate Partners established the Innovation
District, which is on the West side of Downtown. It was seeded with a significant Duke lab lease and will be an
ecosystem for lab and science oriented companies to eventually total 1.7 million square feet.
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
The City Of Durham - Accolades
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Ranked #2 of America’s 20 Fastest Growing metropolitan areas
Ranked #33 in the United States as a top city for Tech Startups
Durham was recognized as #10 on the “Best Places for Business and Careers 2013”
Durham was #6 on America’s Top 10 Cities for Small Business
Durham was globally recognized for its economic potential, ranking #2 in the Top 10 Small
American Cities of the Future
Durham received the “Tastiest Town in the South’ title after a regional 2 month voting process by
Southern Living Magazine
Durham’s American Underground was selected by Google to become one of seven Entrepreneur
Tech Hubs in the US and Canada
Durham was rated #1 among America’s Leading Creative Class Metros
Forbes named the Triangle as part of the 10 Up and Coming Cities for Entrepreneurs
Rated # 1 in the country for pay equality by 247wallst.com: Female workers earned 97.4 percent of
what men earned
GQ Magazine recently voted Durham, NC The Best College Town in America (When Students are
Gone)
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
Durham-Orange LRT Station Map
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)
Premier Urban Redevelopment Opportunity
Durham, NC 27707
Property Photos
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1001 Wade Avenue, Suite 300, Raleigh, NC 27605 · www.trademarkproperties.com
·
(919) 782·5552 (Office)