Real Estate Associates, as exclusive listing agent, is pleased to offer for sale three fully-leased commercial condominium units in the historic S.H. Kress department store building in downtown Durham, North Carolina.
The three units are located on the street level, mezzanine and lower level of the building, consisting of ±17,308 SF. Four tenant leases are in place, including two long-term leases to credit office tenants, as well as two that are beverage/entertainment and fitness oriented. The investment offers a steady income stream with long-term value-add potential, including future increases to below-market rents, as well as the ability to capture additional rentable square footage through unaccounted core factor.
The Kress was built in 1932 in the Art Deco style and features stunning architecture, with floral and foliage motifs adorning the facade and the interior of the building. The Kress was adaptively repurposed and renovated in 2006, with the upper levels now consisting of 14 luxury residential condo units.
This property is being sold in conjunction with 162 W. Ramseur Street, a ±.153 acre parcel ideal for a residential infill project. The two properties may be sold together or separately at the Seller’s discretion.
The property sits on the corner of West Main Street and Mangum Street, one of the most prominent and highly traversed intersections in the city’s center. Its location within the downtown core places this site within footsteps of all that downtown has to offer – numerous popular restaurants and bars, the Durham Performing Arts Center, the Durham Bulls Athletic Park, the Farmers’ Market, offices for Durham’s enviable creative, tech and entrepreneurial workforce and thousands of apartment units.