Endeavor Charter School Foundation Inc. purchased 29.07 acres on Burlington Mills Road in Wake Forest, NC for $2.75 million or $94,600 per acre. Fuller Properties LLC was the seller. The foundation was used to purchase the land because of the law in North Carolina that prohibits charter schools from owning real estate.
The school decided to purchase the land for a new permanent location since its current lease expires in June of next year. Endeavor Charter School will move from at 9400 Forum Drive in Raleigh.
There was a $500,000 down payment from the school’s savings accounts that went towards the purchase of the property. The rest of the price was covered through a loan from BB&T for $2.25 million.
The charter school, which opened in 2008, is a nonprofit organization that offers kindergarten to eighth grade.
Gary Lyons with Lincoln Harris represented the seller, while the buyer was represented by Johnny McConnell with H & M Diversified Investments Inc.
Please see CoStar COMPS #2630867 for more information on the purchase.