APG is pleased to announce our Dealmakers of the Month as David Divine, Rick Polley and Lee Holder. Continue reading for a recap of recent transactions.
APG’s David S. Divine, SIOR, Director of Commercial Investment Sales and Lee Holder, Sr. Vice President represented the seller in the sale of the Circle K service station and convenience store at 1807 Harrison Ave in Cary, NC. The subject property is conveniently located directly off I-40 eastbound, on a 1-acre outparcel of the Bass Pro Shops-anchored shopping center. Circle K/BP has successfully operated at this location since 1998. They showed their long-term commitment to the property by exercising a 10-year lease renewal in 2018.
The property sold for $2.42M, or roughly $975 per square foot; a very high price (very low cap rate) even in this current interest rate environment.
You can learn more about David’s successful track record here.
David Divine can be reached at ddivine@apgcre.com or 919-669-4931.
APG’s President of Management Services, Rick Polley, CSM, RPA recently provided landlord representation in the 10-year lease-renewal at 2625 Appliance Court in northeast Raleigh. The 28,300 square-foot, single tenant office building is situated on 2.4 acres off of Capital Boulevard, adjacent to I-440. The APG Capital-owned facility houses longtime tenant the Raleigh Military Entrance Processing Station, one of 65 “MEPS” facilities nationwide. The Raleigh MEPS processes individuals for enlistment or induction into the armed services.
Rick Polley is a 38-year veteran of Commercial Real Estate, whose core competencies include leading multi-disciplined teams, asset management, property management of complex assets, lease negotiation and documentation, contract development, vetting & administration, public and private partnerships, and budget development & management. His experience and patience served him well in the extended negotiations of the GSA lease in excess of 300 pages. These types of deals routinely take well over a year to complete so keeping the parties focused and motivated through continual communication is essential.
APG Advisors’ Lee Holder, Senior Vice President, a nearly 40 year veteran of Commercial Real Estate in NC, recently represented the seller of a flex/warehouse building at 1904 New Hope Church Road in Raleigh. The sale price was $5,600,000, a price per square foot of approximately $112, paid by a local Raleigh individual investor. The 50,000 square foot building consists of approximately 40,000 square feet of warehouse with 10,000 square feet of showroom space and offices. The building is situated in a desirable and easily accessible location near Raleigh’s (440) Inner Beltline, and was formerly occupied by J&K Cabinets.
This was the second time Holder has sold the Property. The first time was In May 2015 when the Sales Price was impressive for 2015, yet well below the new price. “This current sale at $5.6M is indicative of the strong and steady rise in values for well-located Flex/Warehouse product in Raleigh,” Holder said.
“There were multiple buyers for the Property, showing the high demand for Raleigh flex product. It was a blessing to be a part of two win/win transactions, as I love seeing both parties satisfied at the end of real estate deals. That may be the most rewarding part of the business for me: Creating win/win transactions and projects. I truly feel like I am fulfilling my purpose on Earth when God blesses me with these opportunities.”
Lee Holder can be reached at lholder@apgcre.com or 919-582-3129.
Congratulations gentlemen for a job well done!
For more information on APG’s property listings, click here.