Lee & Associates Raleigh-Durham represents seller, buyer in RTP land transaction

Lee & Associates Raleigh-Durham represents seller, buyer in RTP land transaction

Thompson Thrift acquires 31-acre site in Durham planned for retail development.

RALEIGH, N.C. – October 25, 2021 – Lee & Associates Raleigh-Durham, the regional office of the national commercial real estate firm Lee & Associates, announced today that its land and retail team has completed the $9.75 million sale of nearly 31 acres on Ellis Road in Durham, North Carolina.

Thompson Thrift, a full-service real estate company with a retail unit that specializes in ground-up development, purchased the land. The Indianapolis-based company plans to develop the land as the Marketplace at Ellis Crossing. They were represented by Lee & Associates Raleigh-Durham vice president Hunter Stewart, MBA.

“With the area’s rapid residential and commercial growth, our team thought this would be an ideal location for an established grocer like Publix,” said Ryan Menard, vice president of development for Thompson Thrift. “We’re excited to begin construction in the near future and look forward to adding Thompson Thrift’s distinctive properties to the thriving Raleigh-Durham community.”

Marketplace at Ellis Crossing is located on Ellis Road near the intersection of NC Highway 147. The area is immediately adjacent to the Research Triangle Park and has seen tremendous residential growth in recent years.

Publix will anchor the new retail development and be joined by Chipotle, Heartland Dental, a national fuel provider, and various other retailers. Hunter Stewart and Cole Pennell, also with Lee & Associates Raleigh-Durham, worked on pre-leasing space prior to the purchase. Thompson Thrift plans to break ground on the project this fall, with a projected opening in fall 2022.

The seller was represented by Moss Withers, SIOR, MBA of Lee & Associates Raleigh-Durham.

About Thompson Thrift

Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston, Texas, and Phoenix, Arizona. Three business units drive Thompson Thrift’s success—Watermark Residential, focused on upscale apartment home communities and luxury leased homes; Thompson Thrift Retail Group (TTRG), focused on ground-up mixed-use and retail development and leasing; and Thompson Thrift Construction, a full-service construction company. Thompson Thrift’s commitment to Excellence, Service, and Leadership has been and will remain a hallmark of the company as it continues to move into the future. To learn more, visit thompsonthrift.com.

About Lee & Associates

Lee & Associates Raleigh-Durham is a commercial real estate brokerage, management, and appraisal services firm. Established in 2018, Lee & Associates Raleigh-Durham has grown its service platform to include reach in the Triangle, Triad, and Coastal areas of North Carolina. With 28 brokers and a Top 5 Lee & Associates Property Management team, we provide superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit leeraleigh.com.