Collaboration Will Revive Historic John Sprunt Hill Building
February 25, 2011
Practice Areas: Commercial Transactions Commercial Real Estate
Ed Gaskins and Larry McBennett advised Chapel Hill based MDC, Inc. to structure a joint venture with Self-Help Ventures Fund. The two entities set up a limited liability company to acquire the historic John Sprunt Hill Building, a four-story office building built in 1925, located at 307 W. Main Street in downtown Durham. Self-Help provided most of the funding to buy and renovate the building, which adjoins the headquarters of Self-Help Credit Union. MDC will move its operations to Durham and lease the building for 10 years, continuing its 40-year history of promoting workforce and economic development primarily in the South. The target date for occupancy is July 1.
E.D. Gaskins, Jr.
Administrative Law, Appellate Advocacy, Bankruptcy and Creditors’ Rights, Business and Corporate Law, Business and Commercial Litigation, Professional and Occupational Licensure, Property Tax Appeals