A Pennsylvania industrial and office real estate group paid $20.75 million to purchase 13 properties on Greensboro’s Airpark East campus, according to the Guilford County Registry on Friday.
The property is listed as 406, 416, 418, 420, 422, 424, 426, and 432-434 Gallimore Dairy Roads and 7009, 7011, 7015, 7017, 7019, and 7021 Albert Pick Roads.
The buyer is SPI TCM Airpark LLC, an affiliate of Somerset Properties in Lower Gwynedd, Pennsylvania. The seller is He BCore Timber Office Owner LLC of New York City.
“The Triad market is experiencing a supply shortage for products like Airpark East, so these assets are well positioned for continued growth and are well-located for locals looking for quality flex space. and we believe it will continue to attract businesses from the region,” said Ahman. Merikian, Somerset Acquisition Director.
Somerset already has a major real estate presence in the Triad, including a 279,403-square-foot warehouse at 275 Northstar Drive in Rural Hall and a 600-unit Village Resort apartment at 200 Village Crossing Lane.
There are 12 properties at High Point, and five more properties in Greensboro, owned by Somerset affiliates.