Archive for Asheville
Asheville’s Grove Park Inn Sold
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Denver-based KSL Capital Partners has purchased the 512-room Historic Grove Park Inn Resort & Spa, located between the Blue Ridge and Great Smoky Mountains in Asheville, from Dallas-based Sammons Enterprises. The property includes a spa, eight dining outlets, seven retail outlets, an 18-hole Donald Ross-designed golf course, a 50,000-square-foot sports complex and 55,000 square feet of meeting space with 42 meeting rooms.
As part of the resort’s 100th anniversary in 2013, KSL is planning a $25 million upgrade, which will include renovating public areas, guest rooms, dining outlets, meeting spaces and the spa.
Asheville Mixed Use Development Sold
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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.
Hendersonville, NC Walgreens Sold For $5.03 Million
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From Loopnet:
In Asheville Area, Commercial Market’s Woes Follow Those of Housing Market
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The only people who showed up for a recent foreclosure auction of an office building on downtown’s south slope were the attorney conducting the auction, a representative of the lender and a reporter.
After Asheville Savings Bank official David Kozak put in the bank’s bid while standing on the steps of the Buncombe County courthouse, there was a silence until he and attorney Veronica Colvard jokingly invited the reporter to make an offer.
No sale.
In Black Mountain, a 1,400-square-foot building on Cherry Street in the town’s downtown retail district is listed for sale at $279,000. Three years ago, Realtor Chip Craig says, “It would have sold for $450,000.”
ARTICLE SHORTENED DUE TO LENGTH….
