Press Releases

LRC Properties Continues their Investment in the Triangle

DURHAM, NC - July 10, 2017 - LRC Properties, a real estate investment management company, continues their commitment to the Triangle market by closing on the purchase of the 165,000 square foot LEED Gold-certified Golden Belt office and residential project which now becomes part of a bigger campus already owned by LRC. LRC is renovating the remainder of the historic campus which is a 190,000 square foot former tobacco manufacturing facility now called Mill No.1 at Golden Belt.

The revitalization of Durham into one of the hottest urban centers in the country will continue with LRC’s vision for the Golden Belt historic campus, which will anchor the eastern side of the Durham CBD. The campus will not only provide best in class office and residential space, but will also incorporate unique amenities that will be an asset for all of Durham. These amenities may include an entertainment venue where restaurant patrons will enjoy live music and performances while dining on delicious meals in a vibrant historic courtyard, a food truck rodeo that will provide a plethora of additional lunch options for area residents, and space for art exhibitions and shows.

“Our vision is to create a place that brings together what makes Durham so special: great food, live music, unique arts, and top quality historic office space for innovative companies.” said LRC co-founder Howard Lavitt.

This redevelopment will become a leader with other highly succesful historic tobacco warehouse conversions which now host top technology, biomedical research firms, consulting, and financial service firms throughout Downtown Durham CBD. The result will be the second largest self-contained campus in the entire Durham CBD at over 355,000 square feet.

LRC took on the challenge of revitalizing the campus with a first step of purchasing the Mill No. 1 property in the Fall of 2016 and brought on board Alliance Architecture and RCI Builders to assist with the full renovation. Alliance is well-known for their extensive historic experience on the American Tobacco project and teamed with RCI on the renovation of the historic Citrix warehouse as well as LRC’s 100,000 square foot 227 Fayetteville Street building, both in downtown Raleigh.  Mill No.1 will be transformed from a former tobacco pouch manufacturing facility into a state of the art office redevelopment and creative space hub featuring brick and beam construction, soaring ceilings and numerous amenities including food options.  Demolition began in June 2017 and Mill No.1 is scheduled to open next spring.

Uniting the ownership of the campus for the first time in decades, LRC closed on the Golden Belt property on July 7, 2017. The Golden Belt Manufacturing Company was founded by Julian Shakespeare Carr in 1900 as a textile factory that processed cotton into thread, produced pouches for Bull Durham tobacco and even the boxes for American Tobacco’s Lucky Strike cigarettes.

“We look forward to the renovation of Mill No. 1 and are excited to have it underway,” said Ed Kulik, Co-Founder at LRC Properties.  “As we did in downtown Raleigh, we are committed to making a significant contribution to the continued growth and success of downtown Durham. Our goal is to add to Golden Belt and Mill No.1’s historic legacy by giving it new purpose.  We want to create an environment that will offer best in class office space along with unique amenities to attract progressive and creative companies looking to retain talent."

LRC Properties is represented by NAI Carolantic Realty broker Robin Roseberry Anders, SIOR, a veteran office broker with over 20 years of experience.

About LRC Properties

LRC Properties manages approximately six million square feet of office and industrial space valued at nearly half billion dollars in the Southeast. Headquartered in the New York City metro area, with offices in Charlotte, North Carolina, LRC concentrates on acquiring core plus and value add properties in high-growth East Coast markets with a focus on the Southeast. LRC creates above-market returns for its investment partners by enhancing the value of the properties it purchases through utilizing a “hands-on” management approach to reposition, improve operational efficiency, restructure and redevelop its assets. For more information on LRC Properties, visit www.lrcprop.com

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