REO
162 Coxe Ave: Asheville, NC
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.
LOCATION: Asheville, NC
SALE PRICE: $1,725,000
GROSS LEASABLE AREA: 30,057 SQFT
PRICE/SQFT: $57.39
STORIES: 3
BUILT: 1928 / 2007 renovation
PARKING: NONE
OCCUPANCY: 0%
ZONING: CBD (Central Business District)
LAND AREA: 0.29 acres
SELLER: Asheville Savings Bank, S.S.B.
CLOSING ISSUES: Deferred maintenance / Building code violations / Control of adjacent property for parking
109 Broadway: Asheville, NC
This building was foreclosed on by HomeTrust Bank. The prior owner purchased the building in a shell condition in September 2007 for $877,500 and converted the use to a full-scale restaurant. The renovation of ±$1,000,000 included: new electrical, plumbing, HVAC, ADA compliant restrooms, production /commercial kitchen, bar, platform passenger elevator, dumb waiter, etc. Buyer purchased a turnkey restaurant and catering facility at approximately 40% of original cost, however, location is considered fringe to downtown. Challenge for buyer was securing financing.
LOCATION: Asheville, NC
SALE PRICE: $700,000
GROSS LEASABLE AREA: 6,939 SQFT
PRICE/SQFT: $100.88
STORIES: 3
BUILT: 1914 / 2008
PARKING: 0
OCCUPANCY: 0%
ZONING: Central Business District
LAND AREA: 0.053 acres
SELLER: HomeTrust Bank
MAJOR TENANTS: NA
CLOSING ISSUES: Financing
25 Broadway: Asheville, NC
23 & 25 Broadway were foreclosed upon by HomeTrust Bank. The prior owner extensively renovated the retail level of both buildings for single use occupancy by sharing systems for electric, water and gas. The second floor was raw space accessed only by shared staircase located inside 23 Broadway. Challenges prior to closing included separating utilities between buildings, installing separate utility meters and amending the condominium documents to remove 23 Broadway from the association. The buyer was required by code to sprinkler the entire building, yet provide a future occupant of 23 Broadway the ability to tap into the building’s sprinkler system.
LOCATION: Asheville, NC
SALE PRICE: $660,000
GROSS LEASABLE AREA: 7,533 SQFT
PRICE/SQFT: $87.61
STORIES: 2
BUILT: 1930 / 2007
PARKING: 2
OCCUPANCY: 0%
ZONING: Central Business District
LAND AREA: 0.06 acres
SELLER: HomeTrust Bank
MAJOR TENANTS: NA
CLOSING ISSUES: Bifurcating 23 & 25 Broadway infrastructure / Amending condominium documents
SC HWY 290 & Shoals Road: Duncan, SC
SC Hwy 290 is one of Spartanburg County’s fastest growing commercial corridors. The property comprised 4 parcels adjacent to Florence Chapel Middle School. Located just 2.5 miles from I-85 with frontage on SC Hwy 290, the property was acquired in less than 6 months from listing by a multifamily developer.
LOCATION: Duncan, SC
SALE PRICE: $895,000
ZONING: None
LAND AREA: 17.14 acres
PRICE/LAND SQFT: $1.20
SELLER: Home Trust Bank
CLOSING ISSUES: Site plan approval
36 Broadway: Asheville NC
Formerly the Windsor Hotel built circa 1917, the property had become derelict and occupied as a halfway house. The previous owner purchased the property with the intent to revert the building back to a hotel. The interior was completely gutted with no functioning utilities, sections of walls and floors knocked out – essentially a cold, dark shell ripe for redevelopment. A banked-owned sale, the property was purchased “all cash” by a Florida investment group who successfully developed it into The Windsor Boutique Hotel with luxury retail at street level.
LOCATION: Asheville, NC
SALE PRICE: $885,000
GROSS LEASABLE AREA: 18,500 SQFT
PRICE/SQFT: $47.84
STORIES: 3
BUILT: 1917
PARKING: 0
OCCUPANCY: 0%
ZONING: Central Business District
LAND AREA: 0.16 acres
SELLER: Asheville Savings Bank, SSB
MAJOR TENANTS: NA
CLOSING ISSUES: Code analysis / Structural integrity / Multiple examination extensions
French Broad Place: Brevard, NC
French Broad Place is Brevard’s premier Class A, mixed-use development, encompassing almost 100,000 square feet of retail, office and residential condos. Following the foreclosure by Asheville Savings Bank, G/M Property Group, LLC was hired as the bank’s exclusive agent to market the project. An out of state buyer was secured for a bulk purchase of all the unfinished residential condos (29) on the top two floors. Expired permits and changes in the building code were issues the buyer faced in completing the development. While the ground floor was leased to several retail businesses, the HOA was essentially defunct at the time of sale. We were subsequently hired to market on an individual basis the commercial condominiums on the first and second floors.
LOCATION: Brevard, NC
SALE PRICE: $3,300,000
GROSS LEASABLE AREA: 37,800 SQFT (top 2 floors only)
PRICE/SQFT: $87.30
STORIES: 4
BUILT: 2006
PARKING: 145
OCCUPANCY: 0%
ZONING: Downtown Mixed-Use District
LAND AREA: 1.24 acres
SELLER: Asheville Savings Bank, SSB
CLOSING ISSUES: Condominium documents / HOA reserves / Building code changes
Rarity Oaks Subdivision: Oak Ridge, TN
The sale included a partially completed subdivision with 70 lots and 168 acres of excess land for future development. The city would not grant site plan approval to complete the subdivision without the developer posting significant performance bonds. Due diligence revealed much of the utility infrastructure was incomplete, untested and would not meet the current building code, thereby decreasing the value of existing improvements dramatically.
LOCATION: Oak Ridge, TN
SALE PRICE: $500,000
ZONING: R-1 Roane County
LAND AREA: 220 acres
PRICE/LAND SQFT: $0.052
SELLER: HomeTrust Bank
CLOSING ISSUES: Incomplete infrastructure / City performance bonds
5 Andrew Way: Fletcher, NC
5 Andrew Way is an ideal light distribution facility with 6 docks, 3 drive-in bays and only 1.5 miles to the Asheville Regional Airport. The property had fallen into disrepair and eventually foreclosed upon by TD Bank, N.A. Working on behalf of the Seller, G/M Property Group secured an owner-user that obtained an SBA 504 loan to fund the purchase and renovation of the property.
LOCATION: Fletcher, NC
SALE PRICE: $225,000
GROSS LEASABLE AREA: 6,500 SQFT
PRICE/SQFT: $34.61
STORIES: 1
BUILT: 1986
PARKING: 25
OCCUPANCY: 0%
ZONING: C-2 Interstate Commercial District
LAND AREA: 1.06 acres
PRICE/LAND SQFT: $4.87
SELLER: TD Bank, N.A.
MAJOR TENANTS: NA
CLOSING ISSUES: Due diligence discoveries / Inoperable HVAC - major roof leaks / Foundation block separation / Missing electrical panel
Patton Cove Road: Swannanoa, NC
One mile from I-40 Exit 49, this large mountain tract offers spectacular long range views only minutes from downtown Asheville. One of the largest undeveloped parcels remaining in the county, the property is ideal for future residential development with easy access and proximity to a major grocer.
LOCATION: Swannanoa, NC
SALE PRICE: $1,943,234
ZONING: R-1 & R-LD Buncombe County
LAND AREA: 426 acres
PRICE/LAND SQFT: $0.105
SELLER: First Citizens Bank & Trust Company
CLOSING ISSUES: Title / Access