REO

162 Coxe Ave : Asheville NC

LOCATION Asheville, NC
SALE PRICE $1,725,000
GROSS LEASABLE AREA 30,057 SQFT
PRICE/SQFT $57.39
STORIES 3
BUILT 1928 / 2007 Renovation
OCCUPANCY 0%
ZONING CBD (Central Business District)
PARKING NONE
SELLER Asheville Savings Bank, S.S.B.
CLOSING ISSUES Deferred maintenance
Building code violations
Control of adjacent property for parking
MAJOR TENANTS Kmart

The "Chrysler" building was extensively renovated in 2007 for Class A office/retail as part of a major mixed-use development. Located in the burgeoning South Slope district, the building suffered from lack of on-site parking and large floor plates within a weak office market. Concurrently negotiating a contract to purchase an adjacent lot in order to provide parking for this asset was instrumental to the success of the sale. The purchaser subsequently converted the top two floors to multi-family residential with ground floor retail/office space.

Western North Carolina’s financial institutions have relied on G/M Property Group, LLC since 2008 to handle their REO. Exclusive engagements with Asheville Savings Bank, Ameris Bank, Bank of America, Bank of North Carolina, HomeTrust Bank and TD Bank demonstrate our ability to handle the needs of the most demanding institutional clients.


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