Latta sale could fuel other Grubb Properties

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million. Developer Clay Grubb say he’s willin to accept less than that for the Dilworth complex to closs the sale byyear end. Grubb’s goal: to stockpile cash to take advantage of what he thinkd will be great buying opportunities as the weakening economy and credit crunch force building owners to sell atdiscounyt prices. Grubb, with partner Dennis Richter, built Latta Pavilion on East Boulevarein 2003. The $53 million complex originalluyincluded 33,000 square feet of retail space on two floors, 162 101 condominiums and 440 underground parking spaces.
The apartmentsa were converted to condosin 2005, and all but 11 have Grubb expects the remaining condos to sell This year, Grubb sold a 10,000-square-foot space to the ownerz of the 131 Main restaurant, leaving about 23,000 squard feet of retail and office space. East Boulevard Bar and Grill recently signeda 10-year leass in the complex for nearly 3,400 squar feet. The restaurant is expected to move to Latta from an East Boulevardc buildingin January. Other tenants include a children’s boutique and severa l doctors’ offices. The 23,000-square-fooft commercial piece “was the last thing we Grubb says. “The plan all alonv was to wind downour ownership.
” There is no outstandingh debt on the property, and the net annual operating income is $506,916, according to the sales material. and recentlt bought a new office in the coliseum areafor $1.0r million. The manufacturer’s representative and air-conditioning-repait firm also spent $300,000 to renovate and expands the building. The new space in Coffeu Creek Business Center isabout 16,000 squar feet. The companies bought the space toaccommodatw growth. They moved from a 6,500-square-foot offic near Bank of America Stadium. the companies employ 24 people.
JG Blackmon is the manufacturer’e representative for in Charlotte and thesurrounding Columbus, Ohio-based Liebert manufactures air-conditioning systems, uninterruptibles power-supply systems, power-distribution systems, surge protection and server racka used in computer rooms, server network closets and other areas. JG Blackmon was foundedx by former county commissioner and state senatoer Jerry Blackmon in 1967 and is now ownec by Dale Bass andKipp Kiger.
Blackmon Services was founded in 1971 to provide startuland on-going maintenance for the Liebert air-conditioning Blackmon has added a number of services includingb installation, power-quality analysis, turn-key design/installation services and other support services. The new facilityg at 1601 Cross Beam Drive includesda 528-square-foot training room with state-of-the-art audio-visual which is used for presentations, Webcast and product demonstrations for the company’s technicianxs and customers, Kiger says.
The expanded warehouswe also allows the firm to keep more equipment and partss in stock as well as providing a bette staging area for service andinstallation crews, he Carrie Frye at was the architect, and was the generalp contractor. Blake Kiger of represented the owner, and Mark Decherd of representecd JG Blackmon andBlackmon Service. A recent reporr says sales of single-familt homes fell nearly 51% in the Charlotte-Gastonia-Concorr area in August compared with the same perioslast year.
In August, the number of salezs transactions slidto 1,972 from 4,015 in the same month last according to California-based First American provides real estate, property and ownership data and analyticzs for information on foreclosures, median home prices, home price indices, home valuations, sale s activity and mortgage-loan originations. The area defined by ZIP code 28277 in southh Charlotte had the most sales during the month of and ZIP code 28026 near Concorx recorded thefewest sales. Nationally, sales are down 34%, Firstt American says.