East West Capital has acquired 2 buildings on 1.44 acres in the booming neighbourhood of South Slope, the southern gateway to downtown Asheville, North Carolina. The buildings, located at 207 and 217 Coxe Avenue, have over 30,000 sf of space.
“This property is aligned with our commitment to engage in unique urban projects,” said Brian Nelson , Managing Partner of East West Capital. “It is a short walk to the heart of downtown, which is vibrant with local businesses, galleries, stores and world—class restaurants. There are also more than six new hotels approved or under construction.”
The official Asheville Downtown Master Plan refers to South Slope as the “major southern gateway” to downtown Asheville with “the most significant opportunities for downtown redevelopment and growth.” South Slope is a former automobile retail, warehouse, and light industrial district. It now reflects the local energy that is transforming the area into an eclectic mix of breweries, retail, businesses and residences.
David Moritz, Managing Partner of East West Capital noted, “We have been looking for the right project in the downtown area and we feel that this is the ideal location.” With the growing demand for large commercial space, East West Capital will lease the existing historic buildings to a commercial tenant in 217 Coxe and artist studios in 207 Coxe. The former includes a 5,000 square foot warehouse with 20 foot ceilings and 3 loading docks, which are in short supply downtown. “Artist studios, key to making Asheville unique, are also tough to find due to urban redevelopment.”
The Coxe Avenue property has a high degree of visibility and surrounding infrastructure. It sits near the corner of a major thoroughfare to the Biltmore Estate, the number one tourist destination in Asheville, with over 1.2 million visitors annually, and is a short walk to McCormick Field, home to the Tourists, the local minor league baseball team. Long-term plans may include incorporating high-density residential into a mixed-use project.
Austin Walker of Whitney Commercial is handling property leasing.