Somerset Properties purchased the South Elm Industrial Center in Greensboro for $46.75 million.
Blue Ridge Industrial was the seller of the 336,000-square-foot industrial complex.
The Triad Business Journal reports Neal Colligan of Largo Capital Inc. arranged a $33.9 million floating-rate, first mortgage for the acquisition and lease-up of the park. The 13-building South Elm Industrial Center is around 80% occupied by 43 tenants.
Somerset Properties has properties in Florida, Georgia, North Carolina, Pennsylvania and Rhode Island. The group also owns the 13-building Airpark East Business Park near the Piedmont Triad International Airport. Somerset also recently sold the 279,000-square-foot industrial space at 275 Northstar Drive in Rural Hall for $12.6 million to APG Capital.
Blue Ridge Industrial also has many properties in the Triad in its portfolio. The group purchased 38 buildings from the former Pope Cos. portfolio in Forsyth County for $105 million in 2023.
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