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15 downtown structures, Jackson Building, sold in $28M deal
Tuesday, 04 July 2017 10:16

From Staff Reports

In a single real estate deal, many classic landmarks in downtown Asheville were transferred to new ownership.

 On May 26, Pack Square Property, LLC, paid $28.3 million for seven tracts owned by seven investors who purchased the properties in 2004 at a cost of $15 million.

The LLC is registered in Delaware, but its parent company is Wicker Park Capital Management, an investment company headquartered in Savannah, Ga.

 Wicker Park has invested $6.7 billion in real estate deals across the country, with a couple of recent transactions encompassing similar properties with similar values in Birmingham and Madison, Ala.

 The Asheville transaction involved 15 structures, all south of Pack Square.

Most notable of the newly purchased buildings is the tall and slender, gargoyle-topped Jackson Building and the four other buildings of architectural interest lining the south side of Pack Square; the row of buildings on the east side of Biltmore Avenue that includes the Marble Slab Creamery; and the block of six buildings across the street including Posana Restaurant and Salsas.

 A long-term lease was also entered into for the nearby parking garage on Biltmore Avenue and the connected row of retail properties on north Eagle Street.

The Jackson Building annex, a vacant lot, and a few easements completed the deal.

 No change in day-to-day operations for tenants was expected, but some feared the new landlords would raise rents, something that may be inevitable in light of recent revaluations. 

The sellers, a contingent of seven investors including former fast-food executive Steve McManus, made a profit of $13.3 million after buying the properties for $15 million in 2004, county register of deeds records show. Most of the investors were part of Pack Square Investors LLC.



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