JLL Capital Markets arranges sale of nearly 10acresin downtown Durham
JLL Capital Markets announced today that it has arranged the $63million sale of a shovel-ready, 9.6-acre, mixed-use development site located in the heart of Durham, North Carolina, one of the nation’s most robust growth markets.
JLL marketed the property at 606 Fayetteville St. and 401 East Lakewood Ave. on behalf of the sellers, 606 Fayetteville LLC,a partnership between investors Blake Nucci and Chris Kono. The site, which is the largest urban development site in downtown Durham, was acquired by a prominent owner, operator and developer based in the Midwest.
A former shopping center located in Downtown Durham and 15 minutes from Raleigh-Durham International Airport, the site was assembled by Nucci and Kono. The pair restructured in-place retail tenant leases to accommodate redevelopment, entitled the site with the City of Durham, and secured North Carolina state tax credits.
Durham is known for its business-friendly climate, educated workforce and affordable cost of living, which has made it a target location of leading big tech companies and corporations, including Epic Games and GlaxoSmithKline, that all reside within the Research Triangle. The area has also seen a 9.5 percent rise in population over the past 10 years and is now home to 10.6 million people, according to the US Census Bureau.
A JLL Capital Markets team led by Managing Director David Giancola and Director Alexander Riguardi in New York, and Managing Director Hunter Barron and Director John Mikels in North Carolina, represented the seller in the transaction.
“We were able to add immediate value over the last year,” Nucci noted. “Going forward, five innovation economies – life science, hardware, gaming, agtech and cloud computing –position this market very favorably.”
Added Kono, “Durham is such a unique and diverse city with enormous opportunity. Over the past decade, we have experienced the dramatic transformation of Downtown Durham firsthand with creatives, academics and major companies expanding in the market.”
About 606 Fayetteville LLC
Alumni of Tishman Speyer, the global investment and development company headquartered in NYC, Blake Nucci and Chris Kono formed their investment partnership in 2021. Nucci was formerly managing director and head of NY Acquisitions & Development at Tishman Speyer. A graduate of Duke University in Durham, Kono has successfully acquired and exited multiple real estate investments across the Sun Belt since 2017. The third partner, Charlie Nucci, was formerly an investment associate on the real estate investing team at Morgan Stanley.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.For further information, visit jll.com.
