December 30, 2022
A Greensboro real estate firm has taken over leasing and marketing duties at a 134,464-square- foot office building that changed hands twice in 2021.
Presidia Asset Management has added the Asheville Building in Greensboro to its portfolio. The Class C building is part of the Koger Office Center, located on 8 acres at 1500 Pinecroft Road, between Holden and Meadowview roads, just north of Interstate 40. It was built in 1988.
An LLC controlled by Experimental Holdings of Cincinnati bought the building in January 2021 for $7.35 million.
The building was part of a 13-building, 835,000 SF portfolio originally put up for auction in 2018. The Asheville Building was one of two buildings in that portfolio that was eventually sold separately late in 2020 by special servicer Colony Capital AMC Opco after the auction was scrapped. A group including Anomaly Squared CEO Jerry Wass, Robin Yaun and Matt Yaun purchased the Wingate Building for $2.13 million at the same time.
In 2006, the Asheville was part of a portfolio sold for $32.1 million, according to Guilford County records.
Gina Hensley, president of Presidia, said the management company would seek to increase asset stability and improve tenant retention. The largest tenant at the building is U.S. Department of Housing and Urban Development (HUD) with 40,858 square feet.
A spokesman for Presidia did not reveal how much of the property was occupied, but on Nov. 22, more than 28,000 square feet were listed as available for lease. Presidia said the property recently underwent interior and exterior capital improvements including common area and landscaping upgrades, updated lightning and signage.
“There are a variety of move-in ready spaces as well as shell spaces available for a completely custom upfit, full-service lease options and functional floor plans,” said Hensley.
According to its website, Experimental Holdings specializes in under-performing commercial real estate assets, creating investment value, employing a hands-on approach to operation and maintenance strategies, and by providing improved tenant services.
The company, which offers brokerage, property management, marketing, and consulting services, took over marketing and leasing of 60,640-square-foot Kendale Plaza retail center in Sanford in September.
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