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.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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