Greenville Developer Expands Real Estate Portfolio

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Modern commercial building in High Point, NC

News Summary

Adelphi Investments LLC and PEG TR LLC have acquired a property in High Point’s Deep River Corporate Center for $5.25 million. The 52,000-square-foot building, located at 8203 Piedmont Parkway, adds to their commercial real estate portfolio. Despite challenges like higher vacancy rates in office spaces, this acquisition underscores ongoing trends in redevelopment in the region. NAI Piedmont Triad also recently opened a new office in Winston-Salem, reflecting growth amid complex market dynamics.


Greenville

Greenville-based Developer Expands Real Estate Holdings with $5.25 Million Acquisition

Adelphi Investments LLC and PEG TR LLC, affiliates of NAI Earle Furman, have successfully acquired a property in High Point’s Deep River Corporate Center for $5.25 million. This transaction was confirmed through a recent filing with the Guilford County Register of Deeds and marks a strategic addition to their existing commercial real estate portfolio.

The newly purchased property, located at 8203 Piedmont Parkway, boasts a substantial 52,000-square-foot building. The seller of this property was Hara LLC, which is based in Charlotte. This acquisition aligns with the growing trend of redevelopment and expansion in the region, despite concerns regarding higher vacancy rates in commercial real estate.

In the wake of this purchase, NAI Piedmont Triad has expanded its footprint by opening a new office in Winston-Salem at 250 W. First St., Suite 301, in September. The collaboration between NAI Earle Furman and North Carolina’s NAI Piedmont Triad began in 2017, which resulted in the formation of a joint commercial real estate enterprise comprising seven offices, including locations in Burlington and Greensboro.

Furthermore, NAI affiliates have been active in making crucial acquisitions recently. In December 2022, they purchased the historic O’Hanlon Building in downtown Winston-Salem for $2.1 million. This building holds significance as it has been listed on the National Register of Historic Places since 1984.

While the commercial property market in High Point sees ongoing developments, Frost Point Capital also recently acquired the Cedar Trace apartment complex located at 135 S. Main St. for $2.8 million. This complex contains 222 residential units within a sizable 19,319-square-foot building.

Concerns Over Office Space Vacancy Rates

Despite these developments, there remain broader concerns about vacancy rates in office spaces across various regions. This has raised questions about the sustainability of ongoing expansions and new developments. High Point Master SPE LLC is actively seeking to transform one of the twin office towers located at 8401 and 8415 Datapoint Drive into residential housing, while the other tower will remain designated for office use.

The Planning Commission has already discussed proposed land use changes for these twin towers, recommending approval to the City Council. If successful, the proposed density for the new apartments could allow for a staggering 825 units per acre, based on the request parameters for land use.

High Point Master has a background in developing affordable housing projects, but the specific rental costs for the upcoming apartments have yet to be disclosed. Some community residents have expressed apprehension regarding potential increases in traffic and the implications of additional construction or renovation near existing residential complexes.

It is notable that city staff initially recommended denial of the land use request, citing a mismatch between the density intentions and current designations. However, the Planning Commission countered by voting in favor of the proposals.

The financial history of the Twin Towers adds complexity to the situation, as they previously faced financial struggles, having filed for Chapter 11 bankruptcy in 2022. At that time, they owed approximately $53.7 million to Capital One. In early 2023, Highpoint Lifehope had prospective buyers interested in the buildings for $61 million, but those negotiations did not lead to finalized agreements. Woodbranch Highpoint LLC eventually acquired the property after foreclosure proceedings took place.

As the commercial real estate landscape in High Point continues to evolve with acquisitions and proposed developments, stakeholders are closely monitoring trends and discussing potential impacts on the community and market stability.

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Additional Resources

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