Pack Square, a mixed-use development in Asheville, North Carolina, was acquired by Wicker Park Capital Management for $28.3 million on May 26, 2016. CBRE’s Patrick Gildea, Mike Burkard, Steve Shields and Matt Smith represented the seller, Southeastern Development of NC.
The prominent collection of mixed-use buildings is comprised of 137,592 sq. ft. and is 82.4% leased. Located in the heart of Asheville’s historic center, Pack Square includes five retail and office buildings. Office spaces offer a combination of traditional and creative suites to accommodate a wide array of tenant needs. Anchor tenants include Rhubarb, Posana Café, Bomba!, Novus Architects, French Broad Chocolate Lounge and Edgewater Media Group, Inc.
Momentum in Asheville is strong, with the market producing rental rates at a nine-year record high. With no new construction underway, Asheville offers a value-add opportunity for investors. The market is experiencing robust population growth and was recently named by Forbes Magazine as a “Best Place for Business”, and by Huffington Post as the “Next Green Tech Town”.
“Pack Square was one of the most sought-after offerings we have had in the market in recent years,” said Mike Burkard. “The nationwide resurgence and growth in dynamic urban settings translated into intense investor interest. The unique nature of the Pack Square buildings, the vitality of the streetscape and the high barriers to entry in Asheville helped support very attractive pricing. CBRE is proud to have worked with the seller on such a special property.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
