JLL arranges $21.3M financing for INQ 1101 in Carolinas
Adaptive-reuse project will capitalize on demand for collaborative office space in region
CHARLOTTE, November 11, 2019 – JLL announced today 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, North Carolina.
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.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DRA Advisors LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $30 billion of real estate, including 55 million square feet of office, 75 million square feet of retail, 57 million square feet of industrial, and 72,000 multifamily units. As of June 30, 2019, DRA has over $11 billion in assets under management. draadvisors.com
About Mainstreet Capital Partners
Mainstreet Capital Partners is a real estate investment and management firm specializing in office and industrial acquisitions. Established in 1999 by Paul J. Kilgallon, Mainstreet Capital Partners seeks to align itself with investment partners by sourcing investment opportunities in the southeastern and southwestern United States. For more information, visit mainstreetcapital.com.
About Amherst Capital Management
Amherst Capital is a real estate investment specialist offering traditional and alternative strategies to institutional clients in the public and private real estate credit markets. Amherst Capital manages $1.8 billion of assets across private credit and public markets. Amherst Capital's investment strategies are grounded in deep intellectual capital and proprietary technology designed to help clients meet their portfolio needs. For more information, please visit amherstcapital.com.