Tower Investments Plans Greensboro Shopping Destination
By Press Release
March 3, 2008
California-Based Development Company Sees Retail Potential in Former Site of Guilford Products
GREENSBORO, N.C. - Tower Investments, LLC, a national real estate investment and development firm, announced today that it has purchased the 30-acre former home of the Guilford Mills plant off Hornaday Rd. in Greensboro, N.C., and plans to soon convert the property into a Triad shopping hot-spot.
Citing the prime location - fronting I-40 to the north and the recently completed the new 840 loop to the west - Tower Senior Vice President Matt Marks said the firm intends to eventually level the current structure, vacant since 2005, to make way for the new development. Marks said the 300,000-sq.-ft. industrial building is up for lease until Tower secures an anchor retail tenant for the new shopping development.
"Investing in underutilized or past-their-prime industrial properties and breathing new life into them is a Tower trademark," Marks said. "We take a specialized approach to each project, whether it involves converting a single tenant building for multi use, upgrading overall improvements or just redeveloping the site for enhanced use. Local professionals play an important role in all of our projects and are involved from the outset for everything from brokerage and engineering to legal and architecture."
Don Moss, CCIM, broker with Hart Corporation represented Tower Investments in the sale and Tom Townes, CCIM, SIOR, managing partner of Triad Commercial Properties, represented the seller. First Bank of Illinois, a Chicago-based national real estate lender, handled financing.
Marks said Tower - headquartered near Sacramento, Calif., with a Southeastern office in Nashville - has begun assembling its Greensboro team, which includes Tom Townes of Triad Commercial Properties, attorney Gary Wolf of Sparrow Wolf & Dennis, P.A. and Homer Wade of engineering firm Borum, Wade and Associates, P.A.
"There were a number of people who were willing to buy this as a vacant industrial property and utilize it in its current state, but Tower had the vision and creativity to spend time with us considering redevelopment options," said Townes, who sold the property to Tower and was then enlisted by the firm to broker on their behalf. "That's what Triad was looking for while marketing the site for Guilford Mills, and we couldn?t be happier to be on the other side, working with Tower on the rebirth of this area."
Working with Triad, Tower has developed a relationship with neighbor Foreign Cars Italia, a dealer of luxury sports cars located off Guilford College at I-40 and I-840. Marks said the dealership currently has excess land in its tract, which Tower will develop along with the former Guilford Mills site, making the total footprint roughly 40 acres.
"With great visibility from the freeway and the neighboring presence of a healthy retail sector just off Wendover Ave. this site is ideal for a well planned retail development," Marks said. "We look forward to creating the type of shopping destination Greensboro residents and visitors alike will enjoy."
About Tower Investments
Formed in 1989, Tower Investments, LLC is a real estate investment and development company is private, family owned, with more than 100 real estate projects in 17 states. Tower invests its own capital in residential, commercial, retail, industrial and agricultural real estate. To learn more, visit www.towerinvestments.com.