Chapel Hill firm buys Greensboro business center for $4.1 million
Really pleased about this acquisition ... was nearly a year-long in the negotiation cycle, but finally got it over the finish line!
By John Brasier – Reporter, Triad Business Journal
Aug 9, 2019, 2:47pm EDT
A Triad business center with prominent tenants has been sold for $4.1 million.
Prudent Growth Partners LLC, a Chapel Hill-based, real-estate investment firm headed by Thomas Hahn, bought Fairfax Business Center in Greensboro from Southern Business Park LLC, managed by Gilbert Rockson. The transaction closed Friday.
The largest tenants in the 66,600-square-foot property, which includes five buildings – three flex, one warehouse and one office – are Lemons Glass and Mirror, XPO Logistics (NYSE: XPO), Canter Power Systems and Printery.
Guilford County records show that Southern Business Park paid $3.45 million for the 15.5-acre property in March 2015.
Broker Colin Rockson, who has helped his uncle with his real estate holdings, said the addition of XPO as a tenant helped stabilize the property. Lemons has the most space at about 23,000 square feet. XPO has about 12,000 square feet. In total, the business center has nine tenants.
Gilbert Rockson, who attended High Point University (then High Point College), began real estate investing 30 years ago. His holdings include the Piedmont Building at 114 North Elm St. in downtown Greensboro.
"I'm trying to move more toward retirement," Gilbert Rockson told Triad Business Journal.
Colin Rockson isn't slowing down. After working about 2 1/2 years at NAI Piedmont Triad, he moved to Miami about four months ago to work for Marcus & Millichap (NYSE: MMI), where he leads a team that includes four brokers. And he still works with his uncle's properties in the Triad.
In June, Hahn told Triangle Business Journal that Prudent plans to acquire $80 million in real estate in 2019 and $100 million next year.
According to Prudent's website, the firm's portfolio includes Oakmont Apartments, Ashcroft Commons and Reidsville Center in Reidsville; and Mebane Ridge Marketplace.