Durham, NC

Assignment: Acquire 3.2 acres in Durham for the development of a class A three story, 56,000 square foot office building to be anchored by Smith Barney in the top floor and the Anthony & Co, Durham office on the ground floor.

Objective: To create value for our investors which included a number of local investors while developing a unique Class A office building.

Opportunities/Challenges: The site was quite difficult in topography and the schedule was extremely tight. AACRE Properties delivered the building on time and in budget. We were approached by an investor about selling the building, and we did so, subject to a 1031 exchange.

Results: Our team was awarded a Pinnacle Award as "Best Development Team" from Triangle Commercial Real Estate Women. The design quality on a difficult site and a 10-month delivery to the anchor tenant was recognized as a remarkable accomplishment. We sold the Valley View office building in 2003 and exchanged into the Nortel Training Center in West Raleigh, a 180,000 square foot high technology office project located on 17.5 acres of land. The purchase price was so attractive no one could believe we could negotiate and close this property at less than 30% of the replacement cost.

Raleigh, North Carolina

Assignment: Locate a site and construct a building to relocate the regional sales and distribution office for General Shale Products, the largest brick producer in the U.S.

Objective: General Shale Products, was shown over thirty possible sites for its new Triangle sales and distribution facility. We purchased the lot in Northwest Raleigh and constructed the new building with a twenty-year triple net build-to-suit lease.

Opportunities/Challenges: Anthony & Co handled all Site selection, purchase negotiation, entitlement, construction, financing and move-in in less than a year.

Results: General Shale is happy with their new facility as are the investors in the project.

Raleigh, North Carolina

Assignment: Reinvest proceeds of sale of a piece of land in Morrisville for the profitable, tax-deferred benefit of a local investor group.

Objective: Build a one-story office condominium building approximately 14,800 total rentable square feet on Creedmoor Road just off Glenwood Avenue beside Circuit City in Raleigh, utilizing tax deferred sales proceeds.

Opportunities/Challenges: Construct on a very difficult site with significant neighborhood opposition challenges.

Results: The project has been a success providing a home for over five businesses.

Myrtle Beach, South Carolina

Assignment: The property was formerly part of the Myrtle Beach Air Force Base and was given to the City of Myrtle Beach, which then resold the property to a private investment group. Anthony & Co. was selected by the investment group to develop the property.

Objective: AACRE has redeveloped Seagate Village into an 800-unit multi-family condominium community on 267 acres off Highway 17 in Myrtle Beach, South Carolina, south of the Central Business District.

Opportunities/Challenges: The project was the largest single multi-family residential property in South Carolina. How to manage the massive rehabilitation and sales process properly was a challenge that we met. In less than three years the project was completely sold out.

Results: The project was scheduled to be sold in five phases over seven years. The project was completed over two years ahead of schedule.

Duke University, East Campus
Durham, North Carolina

Assignment: Anthony & Co. worked with Duke University and the University's developer to finance and provide a performance bond for a project in the historic Trinity Heights neighborhood adjacent to Duke University, East Campus.

Objective: Built alongside single-family bungalow style homes, Trinity Heights townhomes are tucked into the existing neighborhood and designed with authentic and historic detailing and architecture. Traditional Neighborhood Development partnered with Duke University on this project for site and architectural services.

Opportunities/Challenges: Time was short and the developer needed our financing muscle to execute quickly.

Results: The project was sold out upon completion and all the owners have enjoyed substantial appreciation in value since construction completion in 2002.

Raleigh, North Carolina

Assignment: To acquire and complete a failed residential luxury townhome project in West Raleigh, and to sell it profitably.

Objective: Financing the acquisition and selecting a general contractor to complete unfinished units was the immediate objective. Then the balance of the fifteen-unit project had to be redesigned to more market sensitive floor plans and amenities.

Opportunities/Challenges: Much of the original construction work was defective and needed to be corrected and the brokerage community did not believe the project could succeed.

Results: Sales prices increased twenty percent since the start of the project and original buyersenjoyed handsome returns on their investments.

Raleigh, North Carolina

Assignment: Anthony & Co. reviewed a complex of three buildings on three acres of land in downtown Raleigh which Carolina Power & Light (now Progress Energy) declared surplus. A true "portfolio" project, we identified not only the redevelopment potential for this property, but also the community contribution opportunity for CP&L to invigorate this depressed area of town, turning negative cash flow of $150,000 per year into positive cash flow, with $2 million in tax credits.

Objective: We coordinated the "Request for Development Proposals" process utilized to select the developer for revitalizing the historic brick buildings into a mixed use complex, and provided construction management services.

Opportunities/Challenges: We had to work with many departments within this Fortune 500 Public company to process all approvals, as well as with the City of Raleigh and State of North Carolina.

Results: The Powerhouse Square project is one of the a cornerstones of "Glenwood South" in Raleigh and is now a vibrant part of downtown.