Cushman & Wakefield has expanded its reach in North Carolina with the acquisition of substantially all of the assets of Triad Commercial Properties. Triad, an office and industrial brokerage and advisory services firm, comes to the table with locations in Winston-Salem and Greensboro.
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Hap Royster and Tom Townes, both of whom possess a quarter-century of experience in commercial real estate, formed Triad in 1999. The firm has since orchestrated the closing of transactions in 39 U.S. states and 10 countries, including Canada, Mexico and Brazil. Working with both tenants and landlords in brokerage and advisory capacities, Triad’s team specializes in a host of services, including dispositions, sale/leaseback transactions, portfolio review and analysis, market analysis and build-to-suit analysis.
The Triad team’s long list of notable transactions over the years includes the 15-year lease renewal for Krispy Kreme Doughnut Corp.’s world headquarters at 370 Knollwood St. in Winston-Salem in 2010. And more recently, the firm helped represent McConnell Center Associates in its sale of a three-building, 670,500-square-foot industrial portfolio in Greensboro to New York Life Insurance Co. in a $49 million transaction in 2019.
Cushman & Wakefield’s staking of a claim in the Piedmont Triad, or the Triad—an area that comprises Winston-Salem, Greensboro and High Point—is a timely move with regard to the industrial market, which is thriving. “The Triad’s industrial market has continued to show resilience against the economic disruptions of the coronavirus pandemic as key indicators for many submarkets reach new benchmarks with historically low vacancy rates and a steady rise in rental rates,” according to a third quarter 2020 report by NAI Piedmont Triad.
Expansion amid uncertainty
By bringing Triad into the fold, Cushman & Wakefield has doubled its office footprint in North Carolina, adding to its existing locations in metropolitan Raleigh-Durham and Charlotte. The acquisition of Triad’s assets marks Cushman & Wakefield’s first such expansion since COVID-19 took hold in the U.S. Earlier in 2020, the firm purchased Colvill Office Properties, an office agency leasing services provider in Houston. And in early March, Cushman & Wakefield completed the purchase of Pinnacle Property Management Services LLC, the third-largest multifamily property management company in the country, in a move that effectively established the firm’s U.S. multifamily property management platform.