Caviness Building and Adjacent Parcel Sell for $3,025,000
Raleigh, NC, January 30, 2020 – TradeMark Properties is pleased to announce its role in the sale of a prime piece of property in Raleigh’s thriving Glenwood South District. TradeMark Vice Presidents Sandra Simpson and Jonathan M. Bassi represented West Johnson Group, LLC in the sale of The Caviness Building and its adjacent parcel at 701 and 719 West Johnson Street. The buyer is AmTech Properties, LLC, a sister company of AmTech Construction, LLC. The company was founded by Ali Mousavi, President and CEO, and Dr. Samila Mohseni, Vice President. Ravand Realty represented AmTech Properties in the purchase of the property.
The fully leased three-story office/retail building was built in 1954 and is located at the corner of W. Johnson Street and North Boylan Avenue. It sold on January 30, for $3,025,000. The two parcels total .43 acres and consist of 11,858 square feet of office space.
“We were in a multiple offer situation, and the buyer was fortunate to acquire a stabilized asset in an area with such high barriers to entry,” said Simpson.
The Caviness Building’s major tenants include Curve Makers, Rogers Word Service, Cyber Exchange, Honeycutt Consulting Group and Feedtrail. It has 12 units and the site has 27 paved surface parking spaces. The building is within walking distance to the Publix that will be coming soon to the area, as well as numerous restaurants, bars, retail and entertainment.
The site will benefit from increased visibility with southbound Capital Boulevard traffic exiting to Peace Street now being directed on to W. Johnson Street. The new interchange is a part of the NC DOT Peace Street and Capital Boulevard revised interchange and bridge replacement to help accommodate for the increased traffic with new developments such as Smoky Hollow.
“With southbound traffic now being directed onto W. Johnson St instead of Peace Street, this asset and the surrounding properties will play a crucial role in the future landscape of Downtown,” said Bassi.
This is the third property sold by the team, as they recently represented the Raleigh-based hospitality development group MJM Group on the sale of the .36-acre property at 615 W. Peace Street. That property was sold to Lock 7 Development with plans for a new four-story, mixed-use building calling for 24 condos and 1,500 SF of retail space.
To view a complete listing of available commercial real estate properties in the Triangle, visit trademarkproperties.com. Sale and lease listings include detailed information regarding price, square footage, and location.
About TradeMark Properties TradeMark Properties offers a full range of real estate and investment advisory services. From acquisition evaluation and due diligence tasks, through value enhancement and disposition strategies, TradeMark guides its clients through every phase of real estate investment opportunities. Partnering with strategic alliances, TradeMark offers coordination of services such as equity development, financing, credit management, architectural and engineering services, development or project management oversight, and relocation services. TradeMark is organized around advisory services, such as sales, leasing, and asset management, including facility management and maintenance services. Its advisors are market experts in their areas of industry specialization, which include commercial leasing of office, industrial, retail as well as multi-family and investment property sales.