DNA Sells Hope Valley in Durham, NC
DNA Partners (“DNA”) sold Hope Valley Square, a 40,383 square foot community center on Shannon Road in Durham, NC. The Durham shopping center which includes a United States Postal Office, Hope Valley Diner, Tutti Frutti Frozen Yogurt, Bull Street Gourmet Cafe, and The Durham Catering Company, was sold to a private investment group.
DNA developed Hope Valley into a more interactive shopping center with the addition of outdoor seating, facade improvements, landscaping enhancements and easier access to the property. The 1964 Ford Mayberry Police Car that was well received at the shopping center by people of all ages will be moving to a new community of shoppers at a different DNA property, soon to be announced.
“As part of DNA’s vision for the future we are looking to acquire larger retail centers as we move forward, though we will miss the fried green tomatoes at Hope Valley Diner,” says David Weinstein, partner at DNA.
This sale brings the current owned and managed DNA portfolio to 1.06 million square feet. Since its inception in 2002, DNA purchased over 2.1 million square feet. DNA targets high growth markets and shopping centers with below market rents, reposition potential, strong sales, significant linear frontage, and reasonable potential for capital appreciation through management and leasing opportunities.
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