Dec 21

APG Dealmakers of the Month: December 2021

dealmakers of the month apg commercial real estate north carolina

This December APG is pleased to announce our three Dealmakers of the month as Frank Quinn, David Divine, and David Stroud. Continue reading for a bit of insight into some of their recent deals.

Frank Quinn, Executive Vice President Land Advisory

Approaching ten years ago, Frank Quinn represented Research Triangle LTD, the investment land purchasers of a mixed-use property in Durham, North Carolina. The land parcel, consisting of over 93 acres, is known today as Davis Park East. The property was fully entitled and zoned at the time of the acquisition for over 1,800 multifamily and residential units, plus the opportunity for commercial and hospitality development.

Since the initial acquisition, Frank has represented the owners in the sale of numerous land Pods within the community, as for example, to Pulte Homes, Lee Property Group and Davis Development.

The most recent sale, 14+ acres, will be a welcomed addition of a new 350 plus unit luxury apartment community to the already regionally recognized best in class development.

Location: Durham, adjoins RTP, Merrion Ave, at Hopson and Davis Drive
Price: $6,365,000
Total Representation including acquisition, sales volume to date approaches $30 million.

David Divine, Director Commercial Investment Sales

David Divine is pleased to have represented his client in the acquisition of a 20,500 square foot medical office building leased to Eastern Carolina Women’s Center on a long-term basis. The tenant has been in this location, 801 McCarthy Blvd., New Bern, NC, for over 30 years. This acquisition completed a 1031 tax deferred exchange for the client. David also represented the client on the disposition of his property.

David Divine has 25 years of commercial real estate experience. Please reach out to him to discuss any of your commercial real estate acquisition and disposition needs.

David Stroud, Vice President Industrial and Land Services

David Stroud represented the owner of East Point at 8001 Knightdale Blvd. in Knightdale, NC, in the lease of 188,000 square feet to FedEx Ground. The building was formerly occupied by Schneider Electric and once served as the U.S. manufacturing headquarters for HD Supply. Once renovations are complete, FedEx Ground plans to operate a distribution center expected to be fully operational in early-to-mid 2022.

David Stroud represented the owner of the 96,700 square foot industrial building at 2980 Lee Avenue in Sanford, NC, in the lease of 16,000 square feet of space to 1st Choice Cabinetry.

David Stroud also represented the tenant, PFP, Inc., in the lease of 25,000 square feet of industrial space at 1235 E. Finch Avenue in Middlesex, NC.

David Stroud represented the landlord, Dembs Development, Inc., in the lease of 10,767 square feet at 1150 N. Wesleyan Blvd in Rocky Mount, NC to America’s Home Place, Inc.