The new owners, at a cost of $3 million or $1 per sf, are SperryVan Ness brokers Tom McMahon and Bill Hartwell of Cornelius, NC,and undisclosed money partners. Hartwell tells GlobeSt.com theirLLC plans to hold the property for at least a year and a day toqualify it as an investment and then entertain offers fromdevelopers.
"We know we are in an area of real high population growth and wealso know where the trends are, and this is one of the last freewayexits that was available," says Hartwell. "We're only in thetalking stage with the people next door."
The deal was a year in the making. "I just threw an LOI on it tosee what we could do," says Hartwell. "The more we got into it thebetter it got."
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