INDUSTRIAL
90 Monticello Road: Weaverville, NC
G/M Property Group, LLC was hired by Linter North America, a global holding company with manufacturing operations in Weaverville, NC. As the buyer’s exclusive representative, we successfully negotiated the acquisition of a Class-A manufacturing plant for under $30 per square foot, helping ensure a key manufacturer remains in the Asheville region. G/M Property Group headed the buyer’s entire due diligence effort, which had to be completed within a condensed two week time period.
LOCATION: Weaverville, NC
SALE PRICE: $1,330,000
GROSS LEASABLE AREA: 50,000 SQFT
PRICE/SQFT: $26.60
OCCUPANCY: 0%
ZONING: I-1 Industrial
LAND AREA: 8.4 acres
YEAR BUILT: 1995 / 2002
SELLER: Shorewood Packaging, LLC
CLOSING ISSUES: Driveway easement with adjacent owner
838 Riverside Drive: Woodfin, NC
After competing with multiple brokerage firms, the Board of Blue Ridge Area Foundation Inc d/b/a WNC Group Home for Autistic Persons hired G/M Property Group, LLC to represent their interests. After a successful marketing campaign, the property sold in just 60 days following the listing engagement to UNC-Asheville Foundation, Inc. An integral part of the transaction was negotiating a short leaseback while we simultaneously secured a new 5,000 sqft office space for the Seller.
LOCATION: Woodfin, NC
SALE PRICE: $1,600,000
GROSS LEASABLE AREA: 15,697 SQFT
PRICE/SQFT: $101.93
OCCUPANCY: 0%
ZONING: Heavy Industrial
LAND AREA: 1.5 acres
YEAR BUILT: 1989
SELLER: Blue Ridge Area Foundation, Inc.
CLOSING ISSUES: Post closing seller leaseback
114 Buckeye Cove Road: Swannanoa, NC
High-quality production/warehouse facility that is fully-sprinklered with 26'-32' ceilings, loading dock and drive-in door. Included ±7,000 SQFT of finished office space. Following an extensive worldwide marketing campaign, the Property was ultimately purchased by an international manufacturer of kayaks.
LOCATION: Swannanoa, NC
SALE PRICE: $930,000
GROSS LEASABLE AREA: 29,770 SQFT
PRICE/SQFT: $31.24
OCCUPANCY: 0%
ZONING: Buncombe County EMP
LAND AREA: 1.75 acres
YEAR BUILT: 1997
SELLER: Asheville Savings Bank, S.S.B.
CLOSING ISSUES: Substantial price reduction due to extensive deferred-maintenance discovered during due-diligence
64 Catalyst Drive: Canton, NC
We accomplished Seller’s objective to raise capital for future growth by selling its headquarters, structuring a new leaseback, and procuring an investor who sought a steady income stream that was secured by a 1st class building and burgeoning business. The facility was a mixture of office and light manufacturing. The site was approximately 7 acres, and we identified 2.6 acres of “excess” land to bifurcate from the sale to use as leverage during negotiations. The sale structure allowed Seller to free capital locked in real estate, use the excess 2.6 acres for additional lease collateral, and ultimately retain the excess land for future sale or expansion.
LOCATION: Canton, NC
SALE PRICE: $1,000,000
GROSS LEASABLE AREA: 13,860 SQFT
PRICE/SQFT: $72.15
CAP RATE: 9.6%
OCCUPANCY: 100%
ZONING: Industrial
LAND AREA: 4.4 acres
YEAR BUILT: 1992
SELLER: Alltec Corportation
MAJOR TENANTS: Alltec Corporation
CLOSING ISSUES: Structure - leaseback / Credit issues / Excess land
221 Old Hendersonville Road: Fletcher, NC
Modern industrial facility utilizing 3 acres with adjacent 1.54 acres for future development or expansion. G/M Property Group, LLC discovered the site was incorrectly re-zoned residential by Henderson County and commenced corrective action with Seller’s attorney during the initial stages of premarketing. Challenges included poor access. The excess land was marketed separately but conveyed with the sale. We successfully used the excess land and its standalone development potential as leverage to achieve Seller’s target price for the entire property.
LOCATION: Fletcher, NC
SALE PRICE: $1,050,000
GROSS LEASABLE AREA: 22,002 SQFT
PRICE/SQFT: $47.72
OCCUPANCY: 0%
ZONING: Industrial
LAND AREA: 4.54 acres
YEAR BUILT: 2003
SELLER: BTD-Asheville, LLC
CLOSING ISSUES: Zoning / Excess land / Septic easement / Public water
5418 Asheville Highway: Naples, NC
Original Diamond Brand Canvas Products Company headquarters that successfully conducted its corporate, retail, and manufacturing operations in this venue for over 60 years—from 1941 until 2004. At the time of sale, this obsolete industrial facility was vacant and in major disrepair. The property was purchased, renovated, and repositioned for occupancy by the new owner, Houser Investments, Inc. Once again, a local company is operating in this historically dynamic location. The new owner’s significant reinvestment is sure to be just one of many new and exciting developments within this corridor.
LOCATION: Naples, NC
SALE PRICE: $2,000,000
GROSS LEASABLE AREA: 83,974 SQFT
PRICE/SQFT: $23.82
OCCUPANCY: 0%
ZONING: C-4 Highway Commercial District
LAND AREA: 6.73 acres
PRICE/LAND SQFT: $6.82
YEAR BUILT: 1936-1989
SELLER: KEM Corp, LLC
CLOSING ISSUES: Environmental contamination / Property vandalism / Deferred maintenance
110 Buckeye Cove Road: Swannanoa, NC
The subject property was built in 1971 as a light manufacturing facility and had been vacant for several years prior to marketing it for sale. The interior layout, 14’ ceiling heights, and functional obsolescence impacted marketability. However the facility offered excellent truck access, proximity to two exits off I-40, and expansion potential. Furthermore, rather than repairing or replacing an existing flat roof, the Sellers installed a new pitched roof structure over the existing flat roof while marketing the property for sale. This substantially increased insulation value, soundproofing, and marketability. A national building supplier purchased the property as its regional headquarters.
LOCATION: Swannanoa, NC
SALE PRICE: $1,000,000
GROSS LEASABLE AREA: 56,084 SQFT
PRICE/SQFT: $17.83
OCCUPANCY: 0%
ZONING: Buncombe County EMP
LAND AREA: 3.98 acres
YEAR BUILT: 1971
SELLER: Buckeye Limited Partnership
CLOSING ISSUES: Financing / Functional obsolescence
325 Weaverville Highway: Woodfin, NC
Formerly Connie Fashions textile factory, the industrial building is located in a fast growing retail corridor serving north Asheville. Low ceilings and dense column spacing create challenges for most users, nevertheless G/M Property Group, LLC was successful in securing a speculative investor that recognized the tremendous upside potential in repositioning the property.
LOCATION: Woodfin, NC
SALE PRICE: $1,100,000
GROSS LEASABLE AREA: 25,622 SQFT
PRICE/SQFT: $42.93
OCCUPANCY: 0%
ZONING: CS - Woodfin Community Shopping District
LAND AREA: 1.867 acres
YEAR BUILT: 1965
SELLER: JCC Foundation
CLOSING ISSUES: Deferred maintenance / Abandoned public road right of way