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DRA Advisors and Mainstreet Capital Partners secure financing for creative office redevelopment project
Transactions - NOVEMBER 11, 2019

DRA Advisors and Mainstreet Capital Partners secure financing for creative office redevelopment project

by Released

A partnership between DRA Advisors and Mainstreet Capital Partners has secured $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, N.C.

It secured a five-year, floating-rate loan through Amherst Capital Management.

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-foot to 35-foot 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.

“This is the second creative office conversion of a big-box retail store in the Carolinas that DRA and Mainstreet have undertaken,” said Travis Anderson, senior managing director at JLL Capital Markets, which represented the partnership between DRA Advisors and Mainstreet Capital Partners. “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 third quarter 2019 office insight from JLL Research, Raleigh-Durham is experiencing exponential growth with more than 109 people moving to the area per day.

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