The University of North Carolina in Greensboro acquired the Wire Products Corporation’s industrial building at 1301 and 1319 W. Lee St. in Greensboro, NC from Tripleneese Management LLC for $3.4 million, or about $70 per square foot.
The single-story, 48,652-square-foot manufacturing building was built in 1953, and along with the 5.5 acres of land, is located in the West Greensboro submarket.
The buyer approached the seller, who agreed to sell the property to the University for expansion of its adjacent campus. Wire Products Corp, which occupied the building prior to the sale, is relocating its business, specializing in shelving, baskets and other wire products. They will continue to operate at the building for approximately one year, while the school designs and gets approvals for a planned recreational center to be built at the site.
The University of North Carolina’s Office of Business Affairs represented themselves in the sale. The sellers were also self-represented in this direct deal, which was not listed on the market.
Please refer to CoStar COMPS #2522778 for more information on this transaction.