Piedmont Properties/CORFAC International Wins Transaction of the Year Award by the Charlotte Commercial Board of Realtors for the Sale of the Former Mega Food Bazaar in Charlotte, NC
CHARLOTTE, NC (May 3, 2010) – Piedmont Properties/CORFAC International, a leading full-service commercial real estate provider serving Charlotte and the surrounding market, announced today two of its brokers, Jim Plyler and Steve Gentry, were awarded the 2009 Transaction of the Year Award by the Charlotte Commercial Board of Realtors for the sale of the former Mega Food Bazaar building.
The property was sold late last year by DCR Real Estate IV Sub I, LLC to GAAMA Foods, Inc. of Charlotte, NC for $2.1 million. The property, located at 3600 N Sharon Amity in Charlotte, is a 38,288 SF retail building. GAAMA Foods, Inc. will operate an additional location of Compare Foods, a regional food store operator. The grand opening of the new store took place in late April.
Jim Plyler and Steve Gentry of Piedmont Properties/CORFAC International represented the seller in the transaction and procured the purchaser. GAAMA Foods Inc, was represented internally.
The transaction, although not large, presented itself with several challenges that given a better economy may not have come to a close. To begin, the property had suddenly been abandoned by a local grocery store owner, leaving freezers and coolers full of meats and vegetables. After arranging a proper clean up of the property, Plyler and Gentry set out on the search for a buyer that would consider purchasing in a neighborhood that had a reputation for declining property values.
After careful consideration of possible grocers, the team zeroed in on Compare Foods -- and with much persistence were able to get their attention. Further complications came about as the deal progressed, ranging from easement encroachments, negotiations to purchase the adjacent property to extinguish the encroachment, liens on the property, and the property being vandalized repeatedly during the due diligence costing the owner considerable amounts to keep the building in working order. As a result of repeat vandalizing, Plyler and Gentry kept the prospective buyers positive about their decision to purchase the property. Through much trial and tribulations, Plyler and Gentry were able to close the deal, demonstrating what it sometimes takes to complete a transaction in such a stalling economy.
“It was extremely gratifying to execute this transaction in a time where our market is not the most favorable,” said Plyler. “From start to finish, the process demonstrated the leaps and bounds we were willing to go through to make this deal happen.”
About Compare Foods
Compare Foods is a regional supermarket that provides quality products, exceptional service, and low prices to the community. Originating out of Queens, NY, the Pena family has expanded their operations to New York City, Long Island, Connecticut, Rhode Island, Massachusetts, and North Carolina. Wherever Compare Foods has opened a new supermarket, the community has enthusiastically embraced it and has continued to give it its support.
Compare Foods works hard to better the communities which it serves. It sponsors and supports local groups such as churches, youth services and non-profit organizations. It constantly looks to make the neighborhood and its surrounding areas a better place to live.
About Piedmont Properties/CORFAC International
Piedmont Properties of the Carolinas, Inc. is a commercial real estate firm located in Charlotte, North Carolina established in 1993 in response to demand for a highly responsive and focused firm offering full service commercial real estate expertise to private sector clients, including entrepreneurs and publicly traded entities alike. Piedmont Properties’ vision is to be and build upon our reputation as a high quality, client-oriented real estate service firm offering our services to local and worldwide corporations. Piedmont Properties brings a team approach to the services we provide to our clients by bringing to the table at any one time a team of real estate professionals who can meet the objectives of our clients. Our brokers provide clients with experience in sales and leasing; tenant representation; site selection; disposition; investments; tax-deferred exchanges; build-to-suit; and real estate evaluations. For more information on Piedmont Properties/CORFAC International visit: www.piedmontproperties.com or call 704.375.1101.
About CORFAC International
CORFAC International is one of the largest commercial real estate services organizations in the world and celebrates its 21st year in 2010. U.S.-based CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through alliances with UK-based King Sturge, BDI in Mexico, Rios CommercialCorp. in Puerto Rico and Panama-based Latin American Corporate Property Services. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. For more information on CORFAC contact 954-923-6160, info@corfac.com or visit: www.corfac.com.
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