NitNeil Partners, an Atlanta-based real estate development and investment firm, and Equator Capital Management LLC, a N.Y.-based private-equity group, have formed a joint venture to purchase a vacant warehouse in Durham, N.C., which it plans to tear down and replace with a new self-storage facility. The 0.8-acre property at 108 and 112 W. Seminar St. will house a three-story, 85,000-square-foot storage facility, according to the source. Construction will begin in June.
The Durham project is NitNeil’s first in North Carolina and part of the company’s expansion plan, which targets Alabama, Georgia, Ohio, South Carolina and Tennessee, according to a press release from Equator Capital. It’s Equator’s first self-storage project but second overall acquisition in “The Triangle,” a region in North Carolina’s Piedmont, anchored by Duke University, North Carolina State University and University of North Carolina at Chapel Hill, as well as the cities of Cary, Chapel Hill, Durham and Raleigh, N.C.
Last year, Equator acquired the mixed-use Roger's Alley buildings in Downtown Durham from property-management firm Greenfire Development. The block of three historic structures houses retail establishments and restaurants.
The joint-venture’s executives believe commercial and residential development area will continue in the downtown area, which makes it ideal for self-storage development, the Equator release stated.
The partnership was represented in the transaction by Carey Greene of Real Estate Associates Inc. The seller, Seminary Avenue Redux LLC, was represented by Brad Wiese of Maverick Partners Realty Services Inc.
NitNeil Partners is a regional investment firm that specializes in the acquisition, development and management of commercial real estate, including self-storage. The company’s self-storage portfolio comprises more than 800,000 square feet across five states.
Formed in 2008, Equator Capital is a limited-liability company.
Sources:
- Triangle Business Journal: Developer to Tear Down, Rebuild Bigger Downtown Durham Warehouse
