Real Estate Associates Brokers $16 Million in Commercial Transactions
Company closes two apartment sales and one shopping center sale during second quarter 2008.
Real Estates Associates (REA) brokered the sale of more than $16 million in Triangle, NC-based properties during second quarter 2008. The company represented the sellers for three commercial properties, including Lochmere Pavilion in Cary, NC, an upscale retail center.
“The combination of our property management and brokerage experience uniquely qualify REA to achieve our clients’ ultimate investment objectives, which can be a challenge during a declining market,” said Seth Jernigan, vice president and director of brokerage and business development. “We are pleased to have represented these clients in bringing the sale of these properties to a successful close.” The properties include:
– Lochmere Pavilion – $6,875,000
2425 Kildaire Farm Road, Cary, NC
32,500 square-foot boutique retail and office center
Purchased by an out-of-state investor
REA Broker: Seth Jernigan
– Bristol Court – $8,500,000
610 Douglas Street/Off Erwin Road, Durham, NC
100-unit apartment complex located on 3.3 acres near Duke
Leased, managed and sold by REA.
Crosland, the buyer, has redevelopment plans to build 375 apartment
units on the site.
REA Broker: Joe Jernigan
– Bennett Square – $779,167
2904 Chapel Hill Road, Durham, NC
11-unit apartment complex
Leased, managed and sold by REA
REA Brokers: Seth Jernigan and David O’Quinn
REA, a real estate asset management and commercial brokerage firm, has served clients in Durham, the Triangle-area, and beyond for more than 35 years. The company’s staff represents more than 200 years of combined industry experience.
Source: Real Estates Associates