Franklin Park - Chapel Hill, NC
Acquire a key undeveloped Franklin Street property that we believed would be an excellent location for a Class A office project - meeting the demand for new office space along the East Franklin Street corridor.
TradeMark Morris Approach
- Create an LLC entity with two other investment members and TradeMark Morris to serve as developer/leasing agent. Attract required equity from a local investment group of which Morris was a member.
- Secure municipal development approval for 60,000 sf.
- Conceive a development plan with three freestanding buildings (30,000 sf, 20,000 sf, and 10,000 sf). Allow for versatility and manageable risk in the construction and market timing of each building.
An impressive 60,000 sf property developed and leased in 24 months in the midst of a healthy office market. Sale of property returned two times original equity investment to all investors.