Nassimi Realty acquires shopping centers in Durham, NC and Lincoln Park, MI
Durham, NC and Lincoln Park, MI — Nassimi Realty announced the purchase of two shopping centers totaling in excess of 410,000 s/f combined: Durham Plaza in NC and Lincoln Park Plaza in MI.
Durham Plaza is a 235,000 s/f regional shopping center in Durham, NC located just off Interstate 85/US-70 (75,000 VPD) at the Avondale Dr. junction (17,000 VPD). The center is over 90% occupied by a diverse mix of national and regional tenants including Big Lots, Kimbrell’s Furniture, Compare Foods, Harbor Freight Tools, Surplus Warehouse, along with local retailers catering to the community.
The Durham Area Transit Authority (DATA) bus line drops off and picks up at the city bus stop located directly in the middle of the Plaza allowing a great traffic of people to come in/out of the center. Lincoln Park Plaza is a ±176,000 s/f shopping center located in Lincoln Park (metropolitan Detroit), MI on the heavy trafficked M-85/Fort Street corridor which offers great access to the densely populated neighborhoods. The Plaza has Ace Hardware as its anchor tenant and is complimented by other national tenants such as Dollar Tree, Check and Go, H&R Block and Hallmark Cards. The center has strong neighborhood demographics and strong traffic counts (34,000 VPD) which make it a steady and prosperous plaza.
Additionally, the close proximity of Ford Motor Company’s headquarters and other auto manufacturers are contributing to the city of Lincoln Park by providing a dense residential population and a strong customer base for commercial retailers. All of the surrounding homes make this plaza a “go to” spot as a neighborhood retailer.
Nassimi Realty’s president, Mike Nassimi, said: “We are delighted to expand our portfolio with the acquisition of these two stable and successful centers.”