Seven-Story Building Formerly Part of Liggett & Myers Tobacco Complex Sells for $7.5 Million
Wexford Science & Technology, the real estate investment and development affiliate of BioMed Realty behind the successful Wake Forest Innovation Quarter redevelopment in Winston-Salem, recently expanded its presence in North Carolina with the purchase of the Chesterfield Building at 701 W. Main St. in downtown Durham from an affiliate of Minneapolis-based Northland Securities.
The seven-story, 108,900-square-foot building traded for $7.5 million, or about $69 per square foot.
Built in 1948, the building was once part of the Liggett & Myers Tobacco Company complex in Durham. According to the buyer, the site is one of the last remaining historic former tobacco warehouses yet to be redeveloped in downtown Durham.
Many of the buildings Wexford redeveloped in the Winston-Salem research park were once owned by R.J. Reynolds Tobacco Co.
"As a developer of research-based communities for prominent research universities and their health systems around the country, we consider the Durham market, and the Chesterfield Building, an ideal location to continue Wexford Science & Technology's expansion," said Daniel C. Cramer, senior vice president of development for Wexford Science & Technology in a statement announcing the property acquisition.
The new investment will ultimately grow BioMed Realty's portfolio to more than 1.2 million square feet in North Carolina, expanding on the company's Wake Forest Innovation Quarter project and other facilities located in the Research Triangle area.
Please see CoStar COMPS #2921094 for more information on this transaction.