Construction Update: Glen Lennox
Earlier this summer I had the chance to check out some of the recent redevelopment happening at Glen Lennox in Chapel Hill. Grubb Properties has completed two projects and is in progress on a third.
Development
Letter of Intent (LOI)
The LOI or Letter of Intent lays the groundwork for many real estate deals. While a LOI isn’t required it’s very helpful.
Construction Update: Saint Albans Corridor Development
The area along 440 from Six Forks Road and Wake Forest Road currently has more active development than any other area during my time here in the Triangle. There are eight major projects led by four different development teams, and at the time of this writing, four tower cranes.
Highest and Best Use
Highest and Best Use is a term that you will often hear in relation to whether or not a real estate investment should be made. Highest and Best Use is a tricky concept because the term is subjective and relative
Development Spotlight: Boxyard RTP
Completed in November 2021, Boxyard RTP is the first retail built on the grounds of The Park since its inception in 1959.
Development Spotlight: Dock 1053
Originally built in 1953 the warehouse at 1053 East Whitaker Mill Road would eventually go on to become one of my favorite development projects in Raleigh. The project is deceptively large at 183,000 square feet sitting on a lot that is just under eight acres.
Tenant Spotlight: Boulted Bread
Boulted bread has been slinging delicious breads and pastries from their ovens and custom stone ground mill in their storefront at 614 West South Street in Downtown Raleigh since 2014. They have made a lot of use and a lot of bread out of that space in the last 8 years, but soon, they will be on the move.
Tenant Spotlight: Woke Living Coffee
The barriers to entry for commercial real estate (both on the developer and tenant side) are high and seem to be getting higher. So, whenever I see a creative real estate solution that lowers those barriers, I get really excited.
Construction Update: Rogers East & West
Over the last several years there has been a flurry of activity in Downtown Cary. We have seen several multifamily projects, including for sale and for rent, redevelopment or retail, a new library, and a new park currently under construction. One thing that has not been seen until now is speculative office space. The Rogers project changes that.
Construction Update: Lee & Associates HQ
The local office of Lee & Associates is entering the development side of the business in Downtown Cary with their new headquarters project. Lee & Associates, a full-service brokerage and property management firm, opened their Raleigh-Durham office in 2018.