{"id":1004076986,"date":"2013-06-12T12:55:21","date_gmt":"2013-06-12T20:55:21","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=139048"},"modified":"2020-04-08T00:13:15","modified_gmt":"2020-04-08T08:13:15","slug":"new-york-based-co-buys-hope-valley-square-in-durham-for-7-7m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-based-co-buys-hope-valley-square-in-durham-for-7-7m\/","title":{"rendered":"New York-Based Co. Buys Hope Valley Square in Durham for $7.7M"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/Hope-Valley-Square-retail-center-Durham.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-139053\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/Hope-Valley-Square-retail-center-Durham.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <a href=\"https:\/\/www.bizjournals.com\/triangle\/news\/2013\/06\/10\/home-of-only-burger-bull-street.html\" target=\"_blank\" rel=\"nofollow\"><em>Triangle Business Journal<\/em><\/a>, Hawthorne Retail Partners of Charlotte sold the property for $7.7 million. Berkeley Capital Advisors represented the company in the sale.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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\u2019s quarterly Space survey, Hope Valley Square was nearly 100 percent leased during this year\u2019s first quarter. Three popular restaurants, including Only Burger, Bull Street Gourmet &amp; Market and Pop\u2019s Backdoor South are also among the center\u2019s tenants. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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 fa\u00e7ade enhancement, a new pylon sign, parking lot resurfacing, as well as parking lot lighting and landscaping improvements.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">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. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">&#8220;We are extremely pleased to announce this agreement with CVS, which allows us to complete our redevelopment of this shopping center,&#8221; said Edward Kalikow, president and CEO of The Kalikow Group. &#8220;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.&#8221;<\/span><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: www.loopnet.com<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21751,21742,21785,1604,21749],"tags":[],"class_list":["post-1004076986","post","type-post","status-publish","format-standard","hentry","category-brokerage","category-development","category-hotel","category-latest","category-property-management","category-raleigh-durham","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New York-Based Co. 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