Somerset Properties, Ten Capital Spend $21M on 13-Building Flex Park in Greensboro

A joint venture between Somerset Properties and Ten Capital Management has completed the $20.8-million purchase of Airpark East, a 13-building flex/office park totaling 229,184 square feet in Greensboro, NC. The complex was 88% leased to 31 tenants at the time of the sale.

Patrick Gildea, Matt Smith, Grayson Hawkins and Reggie Beeson of CBRE represented the seller in the transaction.

“The asking rents for Airpark East are 20 percent to 25 percent lower when compared to similar multi-story office properties in the vicinity,” said Gildea. “Airpark East also includes ample parking, secure and private entrances and strong historical tenant retention. These factors attracted strong interest from both local and national investors, as capital has identified single story flex/office as particularly resilient in the current environment.”

Airpark East consists of single-story assets:

• 406 Gallimore Dairy Road, 12,620 square feet
• 416 Gallimore Dairy Road, 22,330 square feet
• 418 Gallimore Dairy Road, 23,827 square feet
• 420 Gallimore Dairy Road, 24,160 square feet
• 422 Gallimore Dairy Road, 15,470 square feet
• 424 Gallimore Dairy Road, 12,755 square feet
• 426 Gallimore Dairy Road, 15,062 square feet
• 7009 Albert Pick Road, 20,000 square feet
• 7011 Albert Pick Road, 12,465 square feet
• 7015 Albert Pick Road, 16,498 square feet
• 7017 Albert Pick Road, 16,466 square feet
• 7019 Albert Pick Road, 19,125 square feet
• 7021 Albert Pick Road, 18,406 square feet