Local real estate private equity firm, Northridge Capital, LLC and its partner, Chapel Hill-based East West Partners, is pleased to announce the closing of its sale on May 17 of the Liberty Warehouse project in the Central Park neighborhood of downtown Durham, North Carolina. A new landmark in downtown Durham, Liberty Warehouse includes 247 Class A multi-family apartments and 24,000 square feet of retail space on Foster Street across from the Durham Farmer's Market. The old Liberty Warehouse was demolished in the fall of 2014, with the historic brick facades along Rigsbee Avenue and Central Park being saved and incorporated into the new building. Many of the interior elements of the building were also preserved and have been re-purposed in the new building.
The community was built on a historic site that used to serve as a tobacco auction warehouse. As part of a downtown revitalization process, the two buildings preserved some of the architectural elements of the old Liberty Warehouse, such as the historic brick facades along Rigsbee Avenue and Central Park. Fifth Third Bank provided a loan for the redevelopment project.
"We re-imagined the warehouse space as a highly amenitized, Class A+ property built to attain a LEED certification. Liberty Warehouse takes full advantage of its central location to Duke, the Durham Innovation District and Research Triangle Park with a walk score of 90 and bike score of 65," said East West Partners Project Manager Ben Perry, in a prepared statement.
Equity for the project was provided by Northridge Capital, LLC. Northridge Capital is a private, independent commercial real estate private equity firm located in Washington, DC and focused on providing services to offshore high-net-worth family groups and institutions. David Jackson, President of Northridge Capital, said "We are delighted with the very successful outcome of this project, for us and our investors, and for the local Durham community. Liberty Warehouse represents exactly what we and our investors are looking for, a unique redevelopment opportunity in a dynamic market like downtown Durham with a prominent local developer. We look forward to continuing to work with East-West Partners on other projects, and hope to be able to find other opportunities to participate in the revitalization of downtown Durham."
Northridge Capital and East West Partners are also developing a boutique, Class A office building totaling 50,000 square feet in Chapel Hill, NC scheduled for delivery in the fourth quarter 2016, currently 25% pre-leased.
About Northridge Capital, LLC
Northridge Capital, LLC, is an independent real estate asset private equity firm that has invested since its founding in 1997 in nearly 50 assets on behalf of its investors, with a combined acquisition value of approximately $1 billion. Based in Washington, D.C., the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages, and sells real estate assets across a wide variety of property types and geographic areas. For more information, visit www.northridgecapital.com
