East West Capital Develops 300,000 Square Foot Warehouse in Asheville, North Carolina

101 Mills Gap is a 300,000 square foot warehouse and consolidated distribution center, located 10 minutes from Asheville Regional Airport, in Fletcher, North Carolina.  This state-of-the-art facility was delivered in 2020, and it is 100% leased long-term to Mainetti for its US operations.

East West Capital engaged in all aspects of its development, including project finance, leasing and construction management, following plan approvals.  

“We are pleased to have delivered this building this year,” said Brian Nelson, Managing Partner. “The industrial real estate market is poised to continue to be important to the Asheville area as more companies seek to locate here.” 

The property is ideally situated near major highways and other warehouse, distribution and manufacturing centers, including Borg Warner, Wilsonart and a new Amazon fulfilment center. 

The building is tilt-wall construction, with 32-foot clear height ceilings, 50x50 foot column spacing, and ESFR fire protection.  There are 24 dock doors and 2 drive-in ramps.  In addition to the warehouse, the building includes management offices, an employee conference and breakroom, and a light production area.  There is ample on-site parking.  Located on a particularly complex site, on the old airport’s landing strip, the pad was raised completely out of the flood plain. The facility streamlined the tenant’s national facilities from 3 to 1.  

“The building is an important part of our portfolio in North Carolina.  This is our second major development in the region and our second industrial real estate investment. We look forward to delivering more successful projects in the near future.” said David Moritz, Managing Partner 

Mainetti is the world’s largest manufacturer and distributor of garment hangers, producing billions of hangers and accessories each year, plus a range of labels, packaging and RFID solutions. The new facility in Asheville is more centrally located to its customer base and expected to streamline operations.  

The company also has invested in an extensive supply chain sustainability network across the globe, saving billions of hangers and accessories from landfills. This refurbishing and recycling program is a critical component of its Asheville operations. 

East West Capital is a diversified real estate investment firm based in Asheville, NC.  The two principals have over 50 years of combined experience in real estate, finance and law.

Please direct any questions to:

info@eastwestcapitalgroup.com

© 2020 East West Capital, LLC.  All Rights Reserved.

Asheville GreenWorks announces 2019 Environmental Excellence Awards winners →

Asheville GreenWorks is pleased to announce the winners of its 2019 Environmental Excellence Awards, which recognize outstanding achievements in environmental sustainability by individuals, organizations, schools and businesses located in Asheville and throughout Buncombe County. The winners will be honored at the Environmental Awards Night and Trashion Show on Saturday, April 27.

Asheville GreenWorks established the Environmental Excellence Awards in 1992, when the organization was known as Quality Forward.

“From partnerships coming together to create green communities, to those who have been working tirelessly for decades on environmental stewardship, our 2019 award winners represent some of the best environmental sustainability work happening in our community,” says Executive Director Dawn Chávez. “We’re pleased to have the opportunity to honor and celebrate them at our awards night.”

The evening’s entertainment will include a runway show featuring twenty incredible “trashion” designs made from materials headed to the landfill, a magnificent set design created by Gigantic! using reclaimed metal, plastic bags and water bottles to build an indoor forest, and interactive plastic-themed performance art by the Asheville Contemporary Dance Theater.

2019 Environmental Excellence Award Winners:

Lifetime Achievement Award: Dr. Paul Sisco, research scientist who has carried out decades of research on restoring the American Chestnut

Individual: Jay Kranyik, Botanical Gardens

Organization: Asheville Area Habitat for Humanity

Business: Craggy Park, Partnership including East West Capital Group, Mosaic Realty and JAG Construction

Education: Susan Sachs, Education Chief, Smoky Mountains National Park

Youth: Tamia Dame, student at UNC Asheville

Golden Shovel Award for an innovative, collaborative project that demonstrates a commitment to environmental sustainability: Metropolitan Sewerage District

Memorial Award: Scott Richards for his tireless efforts cleaning up local rivers

The 2019 awards night will be held at the DoubleTree by Hilton Asheville-Biltmore from 6:00 p.m. to 9:00 p.m. The evening will include performances by Asheville Contemporary Dance Theater, a runway show featuring trashion designs by local artists, presentation of Environmental Excellence Awards, delicious hors d’oeuvres, and dessert and coffee for all guests. VIP ticket holders will be treated to a behind-the-scenes look at trashion designs and front-row seating.

Tickets for this 18+ event are $50 for General Admission; $40 for GreenWorks Members. VIP tickets are $75-$125. Tickets can be purchased at the GreenWorks office or online at: tinyurl.com/AGW2018. Dress is cocktail attire (repurposed and upcycled fashion is encouraged).

Helen Chickering, reporter and host of All Things Considered for Blue Ridge Public Radio, will emcee the awards ceremony to announce and honor the winners of the 2019 Environmental Excellence Awards. Blake Butler, of Adapt PR and former host of Local Edge Radio on 880 the Revolution, will entertain and inform guests as the MC for the Trashion Show, which will feature designs made from trash (yes, trash) such as outfits made from coffee filters, broken glass, or plastic shopping bags.

Winners of Environmental Excellence Awards are selected based upon evidence of results that positively affect the environment. A panel of individuals representing a cross-section of the community, including Asheville GreenWorks staff and board, and representatives from RiverLink, Wood, MountainTrue, and Asheville Design Center, evaluates nominees. Criteria include effectiveness; innovation, creativity and originality; environmental stewardship; leadership; and sustainability elements (how a nominee has improved social, economic and ecological conditions).

Sponsors of the 2019 Environmental Excellence Awards Night include BIMCO (Biltmore Iron and Metal Co.), Mosaic Community Lifestyle Realty, Equinox, Eco-Depot Marketplace, Waste Management, and Sugar Hollow Solar. In-kind support is being provided by Johnson Brothers Distributors, New Belgium Brewing, Gigantic!, Adapt PR, Helen Chickering and the DoubleTree by Hilton.

WHAT: Environmental Awards and Trashion Show

WHO: Asheville GreenWorks

WHERE: The DoubleTree by Hilton – Asheville-Biltmore, 115 Hendersonville Road, Asheville, NC 28803

WHEN: Saturday, April 27, 2019 • 6:00 p.m. – 9:00 p.m.

TICKETS: Tickets are $50 for General Admission; $40 for GreenWorks Members. VIP tickets are $75. Tickets can be purchased via the Asheville GreenWorks office or online at: https://tinyurl.com/EEAwards2019.

East West Capital Sells the Boxer Building in Charlotte, North Carolina

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East West Capital has sold the Boxer Building in Charlotte, North Carolina for $7.335 million. The building, located at 1000 West Morehead Street, has approximately 35,000 sf of office space and is 100% leased. The sale achieves a strong investment return to our investors of nearly a 2.1x equity multiple and more than a 37% IRR, net of fees and expenses. 

The building was purchased in March 2015 for $4.675 million when it was 75% occupied. East West Capital, as asset manager, renovated the lobby to create a more modern entrance and successfully leased the building to 100% occupancy. We believe that those enhancements as well as the strengthening Charlotte Midtown office market provided us an opportunity to sell the building at an attractive return. 

“We are pleased to have repositioned the property in a short time period which has allowed us to create value for our investors .” said David Moritz, Managing Partner. “The Boxer Building is in a great location in Midtown Charlotte, a market that we began focusing on in 2014.” 

Built in 1927 and originally used as a warehouse, the building contains expansive high ceilings, large windows with downtown views, and is in close proximity to the city center. Prior to being renovated to professional office use in 2000, the building was used by the Karl Boxer Textile Machinery Company for storage and distribution of machinery for the textile industry. The building’s current name is in honor of Karl Boxer. Previous owners include Ford Motor, Southern Appliances and the Union Storage and Warehouse. 

“This is a milestone for EWC since our founding in 2013,” said Brian Nelson, Managing Partner. “This building reflects our approach to select attractive submarkets in the Southeast US, where we can source promising opportunities, andcreate and deliver value to investors.” 

East West Capital is an Asheville, NC based real estate investment Firm. The two principals have over 40 years of combined experience in real estate, Finance and law.