Commercial Real Estate

Expanding Family Company Buys Triad Building for $6.44 Million

The 112,000-square-foot industrial building provides distribution, storage and office space for Cone Health.

The 112,000-square-foot industrial building provides distribution, storage and office space for Cone Health.

An in-state, family-owned real estate company making efforts to diversify its holdings has purchased a Triad industrial building used by a regional health care delivery system.

Taft Family Ventures of Greenville paid $6.44 million for a 112,000-square-foot building on 8.1 acres at 2100 Summit Ave. in northeast Greensboro that Cone Health leases and uses for distribution, storage and office space. The facility was built in 1974.

Seller South Atlantic Warehouse bought the facility in March 2016 and installed new HVAC systems, lighting, racking, fencing and security systems.

Tom Taft, principal at TFV, told Triad Business Journal that the building is in good shape, and that no major changes or renovations are planned in the near future.

Cone Health is "just a great tenant," Taft said. "They have a 10-year lease."

Taft said multifamily residential communities have dominated TFV's holdings, especially in the Greenville area, and that the company is trying to diversify into different sectors and other geographical markets.

"We're in the process of investing between $22 million and $25 million to try to increase the diversity of our holdings," Taft told TBJ.

TFV also owns a 60,000-square-foot building at Kimel Park and South Park Shopping Center in Winston-Salem.

TFV has an assortment of medical buildings as well as student apartments, single- and multifamily residential communities, and industrial and office developments throughout the Carolinas and several other states.

The company, through subsidiary Taft-Mills Group, has started construction on Amberly Trace, an 80-unit affordable housing apartment community at 1029 Chapel Hill Road in Burlington. It plans to start construction on Oliver's Trace, an 88-unit affordable complex at 1134 Oliver's Crossing Circle in south Winston-Salem, in summer 2019.

Read more at Triangle Business Journal