Tom Hendrickson invests near Raleigh North Carolina
Entrepreneur Tom Hendrickson from Raleigh North Carolina [http://www.premierestate.net/real-estate/real-estate-news/raleigh-north-carolina/tom-hendrick-invests-trinity-nc] is changing his real estate strategy from rehab opportunities in Raleigh to land development in southern Wake County, NC.
Hendrickson is taking over ownership and development of Trinity residential and commercial project, the 1,071-acre high-density site south of Apex, North Carolina.
Tom Hendrickson concedes the shift to the suburbs might leave him looking to find someone to purchase properties at 500 Glenwood Ave. and 516 N. West St., which are in the heart of the Glenwood South district in Raleigh North Carolina.
Tom Hendrickson says, "I've been ecstatic with the success of downtown... but this project is taking an incredible amount of time. I see this as a project of a lifetime."
On Nov. 9, Tom Hendrickson and Hudson Realty Capital of New York, an investment firm that makes bridge and mezzanine loans for real estate deals, paid $35.7 million for 437 acres south of the U.S. 1 and N.C. 55 intersection in Apex under the corporation name HH Trinity Apex Investments LLC.
In July Tom Hendrickson bought 185 acres valued at $8.2 million from Cummings and his investors, according to Wake County, NC deed records. Wachovia is the lender on the project.
In total, Tom Hendrickson now owns 622 acres, or about 58 percent of the total assemblage. The rest of the b>Trinity property is under contract for purchase, he says.
For now, the Trinity property lacks the water and sewer infrastructure and roads it needs. Tom Hendrickson estimates it will cost $50 to $60 million to build a regional wastewater pump station and the other necessary infrastructure before vertical development can begin.
The area around the Trinity property is already starting to see more commercial and residential activity, with Kite Realty Group of Indianapolis moving forward with its Broadstone Station shopping center at the northwest corner of U.S. 1 and N.C. 55. The center will be anchored by a Wal-Mart Supercenter store. The Omni Cos. of Medina, Ohio, also is planning a 14-acre office park nearby with a hotel site.
Hendrickson is taking over ownership and development of Trinity residential and commercial project, the 1,071-acre high-density site south of Apex, North Carolina.
Tom Hendrickson concedes the shift to the suburbs might leave him looking to find someone to purchase properties at 500 Glenwood Ave. and 516 N. West St., which are in the heart of the Glenwood South district in Raleigh North Carolina.
Tom Hendrickson says, "I've been ecstatic with the success of downtown... but this project is taking an incredible amount of time. I see this as a project of a lifetime."
On Nov. 9, Tom Hendrickson and Hudson Realty Capital of New York, an investment firm that makes bridge and mezzanine loans for real estate deals, paid $35.7 million for 437 acres south of the U.S. 1 and N.C. 55 intersection in Apex under the corporation name HH Trinity Apex Investments LLC.
In July Tom Hendrickson bought 185 acres valued at $8.2 million from Cummings and his investors, according to Wake County, NC deed records. Wachovia is the lender on the project.
In total, Tom Hendrickson now owns 622 acres, or about 58 percent of the total assemblage. The rest of the b>Trinity property is under contract for purchase, he says.
For now, the Trinity property lacks the water and sewer infrastructure and roads it needs. Tom Hendrickson estimates it will cost $50 to $60 million to build a regional wastewater pump station and the other necessary infrastructure before vertical development can begin.
The area around the Trinity property is already starting to see more commercial and residential activity, with Kite Realty Group of Indianapolis moving forward with its Broadstone Station shopping center at the northwest corner of U.S. 1 and N.C. 55. The center will be anchored by a Wal-Mart Supercenter store. The Omni Cos. of Medina, Ohio, also is planning a 14-acre office park nearby with a hotel site.
