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OFFICE/RETAIL CENTER ANCHORED BY BB&T BANK & NEO-CHINA

DURHAM, NORTH CAROLINA4011 & 4015 University DriveBB&T Plaza

Click Here to Access ConfidentialityAgreement & Offering Memorandum

COLLIERS INTERNATIONAL | 2

4011 & 4015University Drive

ExecutiveSummary

Colliers International, on behalf of the owner, is pleased to exclusively offer the opportunity to purchase 4011-4015 University Drive in Durham, NC. The subject property is approximately 48,980 square feet, which consists of a +/- 22,554 square foot, 100% leased, three-story, glass office building, and a 26,426 square foot, neighborhood retail center that is 95% leased. The office building is anchored by Branch Banking & Trust Co. (BB&T), who is an original tenant in the property since November of 1987, and has recently renewed through September of 2022 as well as the law firm of Kennon Craver, PLLC who occupies the entire third floor. Kennon Craver has been a tenant in the building since May of 2003 and has just signed on for an additional seven years through April of 2026. These tenants are excellent examples of the stability of this office building. The retail center is anchored by Neo-China, one of the most popular and successful Chinese restaurants in the area. They have been a tenant since September of 1990. The owners recently undertook several major capital expenditures, such as a new façade, on the retail center. The E-commerce resistant tenant mix provides further stability to the center and security to the future owner. The south Durham office submarket has a 0% vacancy rate since January 2019 for buildings of this class, and the south Durham retail submarket has a current vacancy rate of 1.8%.

The property is ideally located at the corner of University Drive and Shannon Rd with 18,000 vehicles per day (VPD) driving past the property. It has great visibility, frontage, and access from both roads and is located in a federal Opportunity Zone, which gives the owner and tenants potential access to federal tax benefits/incentives. The immediate area has many walkable amenities for the tenants to enjoy. Additionally, Duke University and Health System and downtown Durham are a short drive from the property. Durham, NC is known as the “City of Medicine” due to Duke being the largest employer in Durham with over 34,000 employees. Downtown Durham has experienced a renaissance and major economic development over the past 15 years. Durham is an integral part of the Research Triangle Region, and with the subject property’s close proximity to 15-501 and I-40, it offers quick access to the world renowned Research Triangle Park’s (RTP) technology companies, and RDU International Airport.



InvestmentHighlights

> Office Building: 100% Leased – Stable/Long term tenants

• South Durham Submarket: 0% vacancy.

> Retail Buildings: 95% Leased

• South Durham Submarket: 1.8% vacancy

> Easy access to major highways: 15/501, I-40, and recently constructed highway I-885

> An abundance of Walkable Amenities surround the subject property

> Close proximity to Downtown Durham, Research Triangle Park, RDU International Airport, Duke University/Hospital

> Located in a federally designated Opportunity Zone

> Irreplaceable, dense in-fill location

> Multiple access points with excellent frontage and visibility



PropertyOffering

Office Retail

Square Feet ±22,554 SF ±26,426 SF

Acreage 1.43 Acres 2.67 Acres

Floors 3 1

Parking Ratio 90 Spaces (3.5:1000) 143 Spaces (5.5:1000)

Year Built 1988

Occupancy 100% 95%

2020 NOI Projected $210,188 $373,333

Asking Price Unpriced

Tenants

Branch Banking and TrustUnion Home Mortgage Corp.Maid Right of DurhamReliance Financial GroupCNC/Access, Inc.IAVO Research & ScientificKennon Craver, PLLC

Renaissance CK Inc.Peruvian Cuisine, Inc.Home Design StudioALW RepurposeFastframe 561Fast SignsBarley Labs, LLCSpruce Hair, LLCPrecision PlatinumCurvesNeo-China RestaurantVital Health Durham, LLC



Building DescriptionOfficeLocated at the intersection of University Drive and Shannon Road.

Location: 4011 University Drive Durham, NC 27707

Building: Class B | +/- 22,554 sf | 3 floors

Acreage: approx. 1.433 acres of 4.11 total

Year Built: 1988

Tax Info: PIN # 0810-10-26-9277 – Durham County, NC

Construction: Steel with structural metal studs, spandrel glass, 1” insulated glass and anodized aluminum frames

HVAC: Many upgrades & replacements between 2016-2019 to include $56,000 in new trane controls, zoning and BAS systems.

Roof: White Firestone - TPO installed by Baker Roofing in 2010 (20 year warranty)

Elevator: (1) Dover hydraulic passenger elevator rated at 2500 lbs

Fire Protection: Not sprinklered. Smoke detectors coordinated to a fire panel and 24 hr monitoring

Restrooms: Each floor has a set of men’s & women’s restrooms



Floor Plan2nd Floor



Floor Plan3rd Floor



Building DescriptionRetailLocated at the intersection of University Drive and Shannon Road.

Location: 4015 University Drive Durham, NC 27707

Building: Class B | +/- 26,189 sf

Acreage: approx. 2.677 acres of 4.11 total

Year Built: 1988

Tax Info: PIN # 0810-10-26-8075 – Durham County, NC

Construction: Steel and CMU block, typical glass storefronts with anodized aluminum frames

Roof: White TPO throughout except over top of Suites J & K which is EPDM. TPO was replaced over Suite I in 2014

HVAC: Tenants are responsible for maintenance of their HVAC and have a cap on per occurrence expenditures

Fire Protection: Not sprinklered

Utilities: Tenants are responsible for all utilities



Property Aerial

University Dr

Shan

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SitePlan



Survey



Property Photos



5/10/2017 Google Maps

https://www.google.com/maps/@35.9586446,78.9778796,3822m/data=!3m1!1e3?hl=en&authuser=0 1/1

Imagery ©2017 Google, Map data ©2017 Google 2000 ft

Neighboring Retail Snapshot

Durham Chapel H

ill Blvd.

Garrett Rd. Uni

vers

ity D

r.

Old Chap

el Hill R

d.

THE MEWSAPARTMENTS

HOPE VALLEY NORTH

VALLEY RUN

PICKETT CROSSING

OAK CREEK VILLAGE

APARTMENTS

SPRINGFIELDAPARTMENTS

BEECH LAKEAPARTMENTS

COLONIAL GRAND AT PATTERSON PLACE

South Square

Parkway Plaza

Commons at University Place

Patterson Place

New Hope CommonsMartin Luther King Pkwy.

University Hill is a $40 million, 300,000 SF mixed use development 0.3 miles from the property. The 15-acre development will include office space, 65,000 SF of Class A retail and 269 luxury apartments.

University Hill (New Development)

HOPE VALLEY COUNTRY CLUB



University DriveRetail

University Hill (New Development)

South Court Office Building South Park

Office CenterWestgate Drive

University Drive

Shannon

Road

Martin Luther King Jr. Pkwy

18,000 VPD

23,000 VPD

52,000 VPD

36,000 VPD Durham-Chapel Hill Boulevard



> Less than five miles from Downtown Durham including DPAC, Durham Bulls Stadium, and American Tobacco Campus

> Less than three miles from Duke Hospital & Duke University

> Within a 3 mile radius of ~43,392 professional employees

> Less than 8.1 miles to RTP

> Less than 14.9 miles to RDU Airport

> Less than 25.6 miles to Raleigh

Area MapDurham

RALEIGH

DURHAM

CARY

RTPRDU

INTERNATIONALAIRPORT



Office SubmarketOverviewStrong leasing in the metro has pulled vacancies downward despite an uptick in construction. Major deliveries including Durham iD Building B and 200 Morris Street have brought several hundred thousand squarefeet of premium office space to Durham, attracting a mix of technology and healthcare firms. Rents have risen steadily, climbing 2.7% growth in the past year. Investment has picked up in recent years, climbing from less than $200 million of sales volume earlier in the cycle to more than $400 million in the last two years. Increased interest in the metro’s office assets has contributed to appreciation, and pricing in the metro has climbed by more than 40% this cycle.

The submarket is home to a fifth of Durham’s office inventory, and is composed of mostly low and mid-rise office buildings. Notable tenants include a multitude of medical and personal service firms. Spanning the southern portion of Durham and east along Wake Forest Highway, SouthDurham contains not only a large share of office space, but also the vast majority of the metro’s multifamily space. With its proximity to Downtown Durham and the Research Triangle, South Durham’s office submarket is positioned favorably within the metro for office activity.

All-Time Annual Avg. SF

14,432Delivered SF Past 4 Qtrs

16,750Proposed SF Next 4 Qtrs

60,000

Construction



Retail SubmarketOverview

Durham’s retail marketing is enjoying the benefits of strong population and job growth, resulting in increased demand for retail space and services. Retail leasing in Durham continues to outpace construction, resulting in falling vacancies and consistent rent growth in the metro. Recent leases signed by Sprouts, Kimbrell’s Furniture, and Planet Fitness have contributed to strong absorption and displayed Durham’s ability to attract a mix of national and regional tenants.

The South Durham Submarket contains nearly one-third of the retail space in Durham at 8.8 million SF. Rents in South Durham average $22.53/SF, higher than the surrounding markets average of $19.09. Increased demand for retail to support the many multi-family and single-family developments in South Durham is reflected in the 1.8% submarket vacancy. The submarket average sales price of $217 rise above the rest of the market at $206 per square foot.

All-Time Annual Avg. SF

69,400Delivered SF Last 4 Qtrs

24,600Construction

Net Absorption, Net Deliveries & Vacancy

-100K

-50K

0

50K

100K

150K

200K

250K

Net

Abs

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etD

eliv

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sin

SF

0%

1%

2%

3%

4%

5%

6%

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Vaca

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Forecast

13 14 15 16 17 18 19 20 21 22 23 24

© 2019 CoStar Realty Information Inc. 08/13/2019



Sale Date Property Name Class Address City Bldg SF Yr Built Land Area (acres) Price ($) $/sf

Feb-19 B 4317 Pleasant Valley Rd Raleigh 14,256 1964 1.10 $1,950,000 $137

May-19 Hampton Way I B 12324 Hampton Way Dr Wake Forest 14,826 2007 1.15 $2,040,000 $138

Oct-18 Waterford Office Park B 7500 Six Forks Rd Raleigh 15,000 1985 1.22 $2,175,000 $145

Dec-18 South Forest Industrial Park B 4909 Unicon Dr Wake Forest 19,482 2009 1.36 $2,700,000 $139

Aug-18 Sunset One & Two 3921 Sunset Ridge Rd Raleigh 38,002 2001 1.88 $5,460,000 $144

Mar-19 Cameron Village C 615 Oberlin Rd Raleigh 14,427 1957 0.67 $2,300,000 $159

Jan-18 Holly Springs Medical Center 500 Holly Springs Rd Holly Springs 13,696 2001 1.14 $1,850,000 $135

Jan-18 134 North Main Street 134 N Main St Fuquay Varina 29,865 2000 1.01 $3,900,000 $131

Feb-19 Commercial Park West B 2327 Englert Dr Durham 41,463 1985 6.47 $6,100,000 $147

Jun-19 Gateway Centre B 3500 Gateway Centre Blvd Morrisville 19,600 1997 2.02 $3,000,000 $153

Jan-19 1815 Kildaire Farm Road B 1815 Kildaire Farm Rd Cary 24,160 1987 0.97 $3,450,000 $143

Jun-19 Preston PUD C 120-136 Towerview Ct Cary 21,340 2000 2.00 $3,400,000 $159

$144 Avg.

Market OverviewOffice Sales Comparables



Market OverviewRetail Sales Comparables

Sale Date Property Name Address City SF Yr Built Land Area(acres)

Price($) $/SF

8/16/2018 Glenwood Square 1200-1218 Raleigh Rd Chapel Hill 51,900 1987 4.74 $10,500,000 $202

6/29/2018 Hope Valley Square 3710 Shannon Rd Durham 40,524 1980 4.12 $9,680,000 $239

4/13/2018 112 South Duke Street 112 S Duke St Durham 25,000 1924 0.59 $5,200,000 $208

2/2/2018 Barnes & Noble 760 SE Maynard Rd Cary 40,000 1995 4.41 $7,092,500 $177

1/31/2019 Commons at University Place 1813-1833 Martin Luther King Pky Durham 91,922 1995 9.00 $18,893,118 $205

6/29/2018 Shannon Plaza 3710 Shannon Road Durham 40,383 1980 4.50 $9,680,000 $239

$211 Avg.



BACKGROUND

Established as part of the Tax Cut and Jobs Act of 2017, the Opportunity Zone program was created to spur long-term private sector investment in designated urban and rural communities nationwide. The program enables investors with capital gains tax liabilities to receive favorable tax treatment for investing in Qualified Opportunity Funds. The QOF use the capital invested to make equity investments in businesses and real estate in Opportunity Zones designated by each state. The property sold can be stock, business assets, personal assets, or any other real property.

INVESTOR INCENTIVES

U. S. investors currently hold $2.3 trillion in unrealized capital gains, representing a significant untapped resource for economic development. Opportunity Funds will allow these investors throughout the country to deploy their resources in Opportunity Zone investments.

INCENTIVIZES LONG TERM INVESTMENTS

Tiered tax benefits are tied to investments at five, seven, and 10+ year terms.

Opportunity Zone

Investment Length Benefits Recieved

Fewer Than 5 Years Temporary DeferralDeferred payment of existing capital gains until the date that theOpportuni-ty Fund is sold or exchanged

5-7 Years Deferral & Stepped-Up Basis Benefits above +10% of tax on exist-ing capital gain is canceled

7-10 Years Deferral & Stepped-Up Basis

Defferred payment of existing capital gains until Dec. 31st, 2026 or the date that the Opportunity Fund investment is sold or exchanged +15% of tax on existing capital gain is canceled

Greater Than 10 Years Permanent ExclusionBenefits of 7-10 year investment + in-vestors pay NO CAPITAL GAINS TAX on the Opportunity Fund investment.



Durham UDOAccommodating Future Growth. Future increases in population and employment will increase demand for land development and redevelopment. Housing demand will be reflected in proposals for new subdivisions, apartment complexes and adaptive reuse of older structures. Businesses will need land and buildings for retail activities, offices, personal and professional services, research and manufacturing. How Durham plans for the changing uses of land to accommodate our expected growth will significantly influence our community’s future quality of life. Redevelopment opportunities in strategic locations should be encouraged.

Urban Density and Historic Neighborhoods. Triangle Transit is planning its Regional Rail transit services through the heart of Durham. Several of its rail stations are located adjacent to historic Durham neighborhoods. Regional transit stations, especially the station in Downtown Durham, will be a major draw for new large‐ scale development, and can help Durham attract valuable new higher density transit‐oriented development.

Local Historic Landmarks. The local historic landmark program is intended to identify, protect, and preserve the most noteworthy historic properties within Durham. Durham should identify and protect those resources that are important to the community as a whole and represent the most significant aspects of our history, culture, architecture, and persons.



Area Highlights

South Square Shopping Center

North Carolina Central University

Duke University Hospital

Duke University

DOWNTOWN DURHAM

Durham Performing Arts Center

American Tobacco Campus

RDU International Airport

Research Triangle Park



Demographics1 Mile - Hope Valley

Hope Valley was the first full-fledged country club community in the suburbs of Durham, Durham County, North Carolina. It is developed around an 18-hole Donald Ross golf course. Created in 1925-26 just before the stock market crash of 1929, Hope Valley remained a unique rural colony until after World War II. Well outside the city limits Hope Valley was situated between Durham and Chapel Hill, and their university campuses, Duke and UNC Chapel Hill. It was one of North Carolina’s first suburbs designed to be completely serviced by the automobile, well beyond urban transportation routes. It was listed on the National Register of Historic Places in 2009 as the Hope Valley Historic District, a national historic district.



Demographics3 Mile - S. Durham/Duke University



Demographics5 Mile - Durham City

Current Population 179,193

Projected Population (2020)

195,267

Average Household Income$76,687

Total Households75,469

Employer Employees

Duke University & Health System 34,863

IBM 10,000

Durham Public Schools 4,600

GlaxoSmithKline 3,700

Blue Cross & Blue Shield of NC 3,200

Durham City Government 2,437

Fidelity Investments 2,400

Quintiles Transitional Corp. 2,300

Research Triangle Institute (RTI) 2,300

Veteran’s Affairs (VA) Medical Center 2,162

TOP 10 DURHAM EMPLOYERS



OfferingProcedure

Colliers International 1201 EDWARDS MILL RDSuite 300Raleigh, NC 27607+1 919 832 1110www.colliers.com/rdu

The offering of 4011 & 4015 University Drive, Durham, NC is being conducted exclusively by Colliers International. All questions and inquiries should be directed to the Colliers representatives listed in this memorandum.

Colliers will be available to assist prospective investors with their review of the offering. On-site inspections of the property and tours of the market area can be arranged directly with Colliers.

All prospective purchasers can receive the due diligence materials by contacting either one of the listing brokers to register and receive a Confidentiality Agreement. Once a signed Confidentiality Agreement is received, prospective buyers will receive a link to the due diligence material folders.

Offers should include, at a minimum, the following:• The purchase price due diligence period, closing date;• The source of capital, both equity and debt, for the transaction;• The amount of earnest money deposit;• A description of assumptions utilized for the offer• Purchaser’s resume

DAVID DIVINEDIRECTOR OF COMMERCIAL INVESTMENT SALES [email protected] 582 3114

RICK POLLEYPRESIDENT, MANAGEMENT SERVICES [email protected] 582 3113

MCCANN SHERIDANASSOCIATE BROKER [email protected] 796 6102



Research Triangle ParkResearch Triangle Park (RTP) is the leading and

largest high technology research and science park in North America.

Founded in 1959, this 7,000-acre namesake for the entire Triangle region is two miles wide and eight miles long, based in Durham with an extension now spilling into Wake County toward Cary and Morrisville.

Just four miles from Downtown Durham and encompassed on three sides by the City of Durham, RTP was originally named for its affi liation with three major research universities: Duke University in Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. This part of Durham is approximately equidistant between Raleigh and Chapel Hill.

Originally envisioned by UNC’s Howard W. Odum and fostered by the administration of Durham native Governor William Umstead, the Park was developed by the Research Triangle Foundation in 1959 and now includes over 170 companies, 42,000 full time employees, and 10,000 contract workers.

The three original universities are joined by Durham’s North Carolina Central University

(located less than two miles from RTP), playing a major role as home to the Biomanufacturing Research Institute & Technology Enterprise (BRITE) Center for Excellence.

Today, RTP is surrounded by a variety of other Durham business and corporate parks populated by pharmaceutical, microelectronic, biotechnology, telecommunications, and textile businesses to name a few. Research Triangle Park is not a city, but it has a special Durham postal substation – Research Triangle Park, NC 27709. It exists in a special county district, serviced by Durham utilities.

The map at left represents the top employers in the Durham portion of RTP. For more information and complete listings of RTP companies and organizations, visit www.rtp.org.

The Research Triangle Park

Reichhold, Inc./IEM

National Institute of Statistical Sciences

Grifols, Inc

Medicago

Nortel Networks/Avaya

Fidelity Investments

To Hwy 54/55 Lodging & Dining Cluster

Lodging & Dining Cluster

Where great innovations happen

Durham

RTP

County

City

For other publications and information on the great things to see and do in Durham, speak with a friendly information specialist at the Durham Visitor Information Center at 101 E Morgan St in Downtown Durham. (919) 687-0288 or (800) 446-8604. 8:30am-5pm, M-F; 10am-2pm, Sa.

Or visit www.durham-nc.com, the offi cial Durham website for visitors and newcomers, featuring searchable listings, event calendar, maps, live chat, and more.

Convention & Visitors Bureau

101 E Morgan St, Durham, NC 27701 USA(919) 687-0288 | (800) 446-8604FAX (919) 680-8340www.durham-nc.com

AN ACCREDITED DESTINATION MARKETING ORGANIZATION

1 2 E X E M P L A R Y C I TAT I O N S

Research Triangle Park (RTP) is the leading and largest high technology research and science park in North America.


Just four miles from Downtown Durham and encompassed on three sides by the City of Durham, RTP was originally named for its affiliation with three major research universities: Duke University in Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. This part of Durham is approximately equidistant between Raleigh and Chapel Hill.


The three original universities are joined by Durham’s North Carolina Central University (located less than two miles from RTP), playing a major role as home to the Biomanufacturing Research Institute & Technology Enterprise (BRITE) Center for Excellence.

Today, RTP is surrounded by a variety of other Durham business and corporate parks populated by pharmaceutical, microelectronic, biotechnology, textile, and telecommunications, businesses to name a few. Research Triangle Park is not a city, but it has a special Durham postal substation – Research Triangle Park, NC 27709. It exists in a special county district, serviced by Durham utilities.

Research Triangle Park (RTP) is the leading and largest high technology research and science park in North America.


Just four miles from Downtown Durham and encompassed on three sides by the City of Durham, RTP was originally named for its affi liation with three major research universities: Duke University in Durham, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. This part of Durham is approximately equidistant between Raleigh and Chapel Hill.


The three original universities are joined by Durham’s North Carolina Central University

(located less than two miles from RTP), playing a major role as home to the Biomanufacturing Research Institute & Technology Enterprise (BRITE) Center for Excellence.

Today, RTP is surrounded by a variety of other Durham business and corporate parks populated by pharmaceutical, microelectronic, biotechnology, telecommunications, and textile businesses to name a few. Research Triangle Park is not a city, but it has a special Durham postal substation – Research Triangle Park, NC 27709. It exists in a special county district, serviced by Durham utilities.

The map at left represents the top employers in the Durham portion of RTP. For more information and complete listings of RTP companies and organizations, visit www.rtp.org.

The Research Triangle Park

Reichhold, Inc./IEM

National Institute of Statistical Sciences

Grifols, Inc

Medicago

Nortel Networks/Avaya

Fidelity Investments

To Hwy 54/55 Lodging & Dining Cluster

Lodging & Dining Cluster

Where great innovations happen

Durham

RTP

County

City

For other publications and information on the great things to see and do in Durham, speak with a friendly information specialist at the Durham Visitor Information Center at 101 E Morgan St in Downtown Durham. (919) 687-0288 or (800) 446-8604. 8:30am-5pm, M-F; 10am-2pm, Sa.

Or visit www.durham-nc.com, the offi cial Durham website for visitors and newcomers, featuring searchable listings, event calendar, maps, live chat, and more.

Convention & Visitors Bureau

101 E Morgan St, Durham, NC 27701 USA(919) 687-0288 | (800) 446-8604FAX (919) 680-8340www.durham-nc.com

AN ACCREDITED DESTINATION MARKETING ORGANIZATION

1 2 E X E M P L A R Y C I TAT I O N S

Source: Durham Convention & Visitors Bureau



Research Triangle ParkMAJOR EMPLOYERS IN

THE TRIANGLE 10,000 + EMPLOYEES

• Duke University and Medical Center• University of North Carolina• IBM

2,500+ EMPLOYEES

• PPD• RTI International• Grifols• Lenovo• Cree Inc.• Iqvia• Credit Suisse• GSK• Fidelity Investments• GSK• SAS Institute• Durham Public Schools• Blue Cross & Bule Shield of NC• Cisco Systems• Verizon• RTI International• PPD• Teleflex Medical

1,000+ EMPLOYEES

• Lenovo• Cree• Fidelity Investments• Quintiles Transnational• Environmental Protection Agency• Lowes Foods• Kroger• Food Lion• RBC Center• UPS• Harris Teeter• First Citizens Bancshares• Longistics• Wake Technical Community College• Lowes• Town of Cary• ACS• Target• Wal-mart• Waste Industries

>> 50,000 High-tech employees>> 50% Associates degree or higher>> 47% Bachelors degree or higher>> 18% Graduate degree or higher

>> 220 Companies>> 245 start-ups>> 3,256 patents>> 1,970 trademarks

Source: The Research Triangle Park



Downtown Durham

DURHAM BULLSATHLETIC PARK

AMERICAN TOBACCO CAMPUS

101 W MAINOFFICE

DURHAM PEERFORMING ARTS CENTER

ONE CITY CENTEROFFICE

DURHAM IDOFFICE/RESI

201 E MAINOFFICE

211 RIGSBEEOFFICE

DURHAM CENTREOFFICE

331 W MAINOFFICE

DURHAMCOURTHOUSE

CAROLINATHEATRE

GOLDEN BELTDISTRICT

OLD FIVEPOINTS

OLD NORTHDURHAMDUKE

PARKTRINITY

PARK

BRIGHTLEAFDISTRICT

CITYCENTER

CENTRAL PARKDISTRICT

DUKE UNIVERSITYEAST CAMPUS



Downtown Durham723 RIGSBEE AVEMOTORCO MUSIC HALLPARTS & LABOR KITCHEN

Located at the heart of the Central Park District of downtown, this former midcentury car dealership features a large patio, eclectic GarageBar space, delicious and affordable food from its Parts & Labor kitchen, and a showroom that is Durham's largest music venue with a 450-person capacity. You can see nationally touring acts and the area's biggest headliners.

Parts & Labor Kitchen.57 acresYear Built 1937Square Feet 15,151

402 W. GEER ST.HUTCHINS GARAGE

Durham’s Geer Street district specializes in second acts, largely for old car repair shops and warehouses. Cocoa Cinnamon, Motorco/Parts and Labor and now Hutchins all make their homes in former garages, with lattes, craft beer and now pizza enjoyed among the ghosts of carburetors and transmissions.

Nightclub and Pizza.48 acresYear Built 1948Renovated 2018

807 E. MAIN STREETGOLDEN BELT COMPLEX

Scientific Properties purchased the buildings in 2004 and commenced the renovation and redevelopment of the buildings into a creative complex of LEED Gold-certified office spaces, artist studio, loft-style apartments and event space. The first of the Gold Belt’s six buildings date back to 1901 when it operated as a factory for the Golden Belt Manufacturing Co., producing cloth bags and other textiles for American Tobacco and other companies until the plant closed in 1996. Scientific Properties and its investors reopened the buildings in mid-2008.

2.99 acres136,382 total Square FeetMax Contiguous 11,610 Sq. FeetOfficeYear Built 1901Renovated 200892% Leased28 Current Tenants



Downtown Durham905 W. MAIN STREETBRIGHTLEAF SQUARE

Brightleaf Square occupies two former tobacco warehouses originally owned by members of the Duke family. Construction of the two story post-and-beam warehouses was completed in 1904.

Richard Morgan has been salvaging materials from Durham buildings for over four decades. His store, Morgan’s Imports, was one of the first tenants in Brightleaf Square. In 1991, Richard moved his business across the street to the old Durham Laundry. Al Frego, a metal artist, was hired to build the outside railings using pipes salvaged from the laundry’s boiler. In 2008, Richard decided to expand the store by adding a mezzanine. The lumber used in that project was salvaged from the Cannon Fieldcrest mill in Eden, North Carolina. 2.46 Acres70,000 Heated Square FeetYear Built 1900Renovated 198119 Tenants78% Leased

300 BLACKWELL STREETAMERICAN TOBACCO CAMPUS

Blackwell takes its name from William Thomas Blackwell, called “The Father of Durham” in Hiram V. Paul’s 1884 town history. Blackwell Durham Tobacco Co. manufactured Bull Durham smoking tobacco in a factory at the southwest corner of Blackwell and Pettigrew streets. The street appears, unnamed, on the Blount map of Durham c. 1867 but bears Blackwell’s name on the city directory map of 1887 - by which time Blackwell had sold his interest in the company and become a banker. Taking over the tobacco business from partner J.R. Green (who coined the name “Bull Durham”), Blackwell and partners Julian S. Carr and James R. Day built the company into an international business, the United States’ largest tobacco firm for a time in the 1870s.- The Museum of Durham History

Year Built 187485,152 Square FeetResidential Apartments – 79 Units of 609 to 1,419 Square Feet6.3% Vacancy



Downtown Durham#1BEST CITIES FOR

MILLENNIALSIN THE U.S.

#1AMERICA’S LEADINGCREATIVE CLASSMETROS

#1 FOODIESTSMALLTOWN

#1MOST EDUCATED CITIES IN NC

#2 AMERICA’SFASTEST GROWINGMETRO AREAS

#3 CITIES WHERE APAYCHECK STRETCHES THE FARTHEST

#4 TOP UP ANDCOMING TECHHOTSPOTS

#5 CITIES WHERE APAYCHECK STRETCHES THE FARTHEST



Durham Top Employers



Triangle Higher Education1789

Founded

1STPublic School

in US

TOP5Universities for 17

Years Running

#1Pharmacy Program

in US

#1Medical SchoolPrimary Care

#1Best Value of allUS Universities

#2Clinical Psychology

Program

#2AnalyticalChemistry

1789Founded

1STPublic School

in US

TOP5Universities for 17

Years Running

#1Pharmacy Program

in US

#1Medical SchoolPrimary Care

#1Best Value of allUS Universities

#2Clinical Psychology

Program

#2AnalyticalChemistry

1838Founded

84%of graduates go onto post-graduate

degrees

#1Physicians

Assistant Program

#1Nursing Program

(Batchelors)

#2Nursing Program

(Masters)

1887Founded

#1Largest University in

NC by enrollment

#1Advanced Analytics

MSA Program

#3Veterinary Medicine

Program

#4Nuclear Engineering

Program



This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the "Owner") to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and Colliers International RDU. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Offering Memorandum in any manner.

Neither the Owner or Colliers International RDU, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner's obligation therein have been

CONFIDENTIALITY AGREEMENT

This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. By receipt of this Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any another entity without the prior written authorization of the Owner or Colliers International RDU. You also agree that you will not use this Offering Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Colliers International RDU. If after reviewing this Offering Memorandum, you have no further interest in purchasing the Property, kindly return this Offering Memorandum to Colliers International RDU.

DISCLAIMER

The information contained in this document has• been obtained from sources believed reliable. While Colliers International RDU does not doubt its accuracy, Colliers International RDU has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Colliers International RDU and the Colliers International logo are service marks of Colliers International and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

AFFILIATED BUSINESS DISCLOSURE

Colliers International RDU operates within a global family of Colliers companies with many subsidiaries and/or related entities (each an "Affiliate") engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. In some cases. The names of these Affiliates show no reference to the Colliers Affiliation. At all times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Offering Memorandum may be received by our Affiliates, including AACRE Properties, LLC; AACRE, LLC. Those, or other, Affiliates may express an interest in the property described in this Offering Memorandum (the "Property") may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither Colliers International RDU nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, Colliers International RDU will act in the best interest of the client(s) it represents in the transaction described in this Offering Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Offering Memorandum.

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Colliers International 1201 EDWARDS MILL ROADSuite 300Raleigh, NC 27607+1 919 832 1110www.colliers.com/rdu

DURHAM, NORTH CAROLINA


DAVID DIVINEDIRECTOR OF COMMERCIAL INVESTMENT SALES [email protected] 582 3114

RICK POLLEYPRESIDENT, MANAGEMENT SERVICES [email protected] 582 3113

MCCANN SHERIDANASSOCIATE BROKER [email protected] 796 6102

Click Here to Access ConfidentialityAgreement & Offering Memorandum

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