HIGH POINT, NC, JUNE 2021- John McClellan, Senior Advisor with SVN Miller Commercial Real Estate completes sale-leaseback on 901 W. Market Center Drive, High Point, North Carolina. The facility is the headquarters of Carolina Custom Booth.
The owner, Gregory Grady, still had a strong desire to own and operate his business but determined he would prefer to lease his real estate and have the opportunity to deploy the capital from a sale of the building back into his business and other investments. The 17-year-old company has grown rapidly and is an industry leader in providing custom booth and table solutions for major hotel and restaurant chains.
McClellan co-listed the property with Bobby Finch and Tom Townes of Cushman & Wakefield in Winston Salem, NC. The listing received over 100 inquiries and 15 offers to purchase. After a vetting of buyers and a call for best and final offers, they were able to sell the asset with the long-term lease in place for above list price. The seller secured a long-term lease and retained control of his business facility while freeing up approximately $800,000 more than his most recent appraisal due to the structure of the sale-leaseback.
“The local expertise and market knowledge Bobby and Tom brought to the deal proved invaluable in this transaction,” said McClellan of his co-listing agents.
Andrew Small with SVN Trinity Advisors identified the property through SVN Marketing tools and brought the buyer Steve Fithian, also with SVN Trinity who assembled a small syndication fund to acquire the asset.
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