Asheville Mixed Use Development SoldBy
HMP Properties has sold the mixed-use Gerber Village in Asheville, NC for $8.9 million.
Mike Burkard and Steve Shields of CBRE’s National Retail Investment Group and Private Capital Group represented the seller in this transaction. The purchaser, Florida based Babyfish Two, LLC was represented by Key Commercial Real Estate of Asheville, NC.
Gerber Village is a mixed use development that includes 60,111 square feet of retail, 27,572 square feet of office and seven residential apartments totaling 8,098 square feet. Comprised of eight individual buildings, the project has a mix of architectural finishes including brick, steel, aluminum and glass.
Gerber Village is anchored by Office Depot with notable tenants in the project including Charles Schwab, Verizon, Five Guys Burgers & Fries, Frankie Bones Restaurant & Lounge and The Thirsty Monk.
The property was 64% leased at closing.
Based upon the OFFERING BROCHURE, the cap rate was 10.4% based upon in-place income.