A Harris Teeter-anchored shopping center next to a future light rail stop in south Durham has sold for $23.3 million, after undergoing extensive renovations that included more than $495,000 of work on the façade, according to county records.
InvenTrust, an Illinois-based real estate investment firm, acquired the 82,000-square-foot complex from Sun Life Financial, a Canadian life insurance company. The sale included a 1-acre outparcel home to a CVS pharmacy.
The property, called the Commons at University Place, is south of Martin Luther King Boulevard, across the street from a planned stop on the Durham-Orange Light Rail Transit project.
Built in 1995, the shopping center had a vacancy rate of less than 2 percent at the end of 2018, lower than the overall 5 percent retail vacancy rate for all of south Durham. Tenants at the center include Bruegger’s Bagels, Randy’s Pizza and Hand & Stone Massage and Facial Spa.
Earlier this month, an apartment complex next to the future Patterson Place light rail stop, south of the Commons at University Place, sold for $42 million. The sale represented a $10 million increase over the price paid for the complex less than three years earlier.