“Merrifield Partners helped us reach long-term, income producing goals on our property. We had invested in real estate prior to working with them, but this time we had a zoning issue that needed to be resolved. Merrifield Partners worked with property owners and the NCDOT to get it done. Then they built the buildings and helped us get good long-term tenants in place.”
John Rea, Property Owner
John Rea wanted to convert approximately six acres of raw land into income producing property. Estate planning would leave the property to his children. MPV Properties predecessor, Merrifield Partners, did the following for Mr. Rea:
- Rezoned the property to permit neighborhood services
- Constructed a 27,000 square foot office building which is leased to Presbyterian Hospital and other medical and office users
- Created a pad and negotiated a 25-year ground lease to Bank of America
- Constructed and leased a 20,000 square foot building with retail on first floor and office/retail on second floor
Rea Village is generating positive cash flow for the client and his family and is well situated for future growth in both cash flow and capital appreciation.
