BGL Real Estate Advisors LLC (BGL) is pleased to announce the successful completion of the sale of the first phase of West Village, a mixed use redevelopment in downtown Durham, North Carolina, to Federal Capital Partners (FCP) for $35.25 million. BGL was the exclusive advisor to the seller, National Champion Real Estate (NCRE), and worked closely with FCP on the transaction.
Originally developed in 2000, West Village is a unique conversion of the Liggett & Myers tobacco warehouses and is the largest historic renovation project in North Carolina. Phase I of this vibrant mixed use project includes 241 loft apartments and 10,000 square feet of integrated retail and associated parking space. FCP will be partnering with local operator Bell Partners, who will be investing alongside FCP in the deal.
“This was a highly complex, structured transaction that could only have been consummated with the tireless efforts of Anthony Delfre and the entire real estate team at BGL,” said NCRE Principal, Christian Laettner. “West Village is an incredibly exciting and successful project with a history of very high occupancy,” said FCP Managing Partner, Alex Marshall. “I would like to extend a special thank you to the team at BGL for their tenacity to get this deal to the finish line.”
“The current environment in the commercial real estate market has been quite challenging, and with the added complexity of the transaction structure, the sophistication and creativity that FCP’s Alex Marshall delivered to the process was paramount in bringing the transaction to a successful close,” said Anthony Delfre, Director at BGL.