Renovated Mixed-Use Community Complex Sold to Southeast Investor
Charlotte, NC— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the $44.75 million sale of Loray Mill Lofts, a mixed-use community with 189 units and 75,000 square feet of commercial space located at 300 South Firestone Street, Gastonia, NC. The transaction was handled by Bang Realty-North Carolina, in conjunction with Matthews™ Senior Associate Jack Lenihan and Associate Vice President Connor Kerns
Matthews™ represented the seller, Loray Mill Redevelopment, LLC. The client was looking to take advantage of the high-priced market and list before interest rates increased so potential buyers could receive favorable lending terms. The property spans 600,000 square feet on a twelve-acre lot. Originally built in 1902, the asset was fully renovated in 2016 into a live, work, and play community. Loray Mill Lofts sit in the well-known historical neighborhood of Loray Mill Village and is a cornerstone commercial real estate property in Gastonia.
“We were able to leverage our ability to go to a wide-span marketing process to maximize the property’s value in a very short time period while still being able to engage with a highly credible group that presented a high probability of closing,” Lenihan said.
The buyer, Atlanta-based TriBridge Residential, has become one of the prolific buyers of adaptive reuse apartment projects across the Southeast, making this historic community a perfect fit for their portfolio. The asset is TriBridge’s 17th adaptive reuse purchase.
“Loray Mill Lofts checked all the boxes in TriBridge’s adaptive reuse investment strategy. They were able to execute on a complicated transaction that included a potential Phase 2 build out, a tax abatement, two TIF structures, commercial tenant negotiations, complicated title work, and a rapidly changing financing environment. We’re excited to see how this sophisticated investment group continues the progression of this legacy asset in such a growing market of the Southeast region,” Kerns said.
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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