Former iHeartMedia Office | I-40/68 Corridor | 2 Pai Park
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Former iHeartMedia Office | I-40/68 Corridor 2 Pai Park
30,340 SF Vacant Office Building Online Auction Sale Greensboro, NC 27409
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Investment Highlights
- Vacant +/-30,340-square-foot, two-story office asset with a superb location within the bustling Airport/W Guilford County Office Submarket.
- Highly accessible Greensboro location just off NC 68 (30,000+ VPD) and less than 2 miles from I-40/US 241 (50,000+ VPD).
- Positioned less than 10 minutes from the Piedmont Triad International Airport, the third-busiest airport in North Carolina.
- Property was previously home to iHeartMedia and has been meticulously maintained, ensuring quick set-up and operations for a new owner.
- Property is located in an amenity-rich area with numerous highly regarded hotels, restaurants, retail shopping, entertainment venues, and more.
- Strong demographics as the 3-mile radius has over 23,400 residents, 50% with a bachelor's degree, with a fantastic average HHI above $117,000.
Executive Summary
Brown Investment Properties is pleased to exclusively present a rare investment opportunity to acquire a former iHeartMedia office in Greensboro, North Carolina, with strong operational upside and a stellar Airport Submarket location. 2 Pai Park is a well-positioned office property situated on a spacious +/- 3.45-acre lot with LI, light industrial, zoning. The asset totals +/- 30,340 square feet across two stories, and the property was delivered in 1994. The property has seen upgrades, including a roof replacement in 2012 among others. 2 Pai Park has a parking ratio of 4 per 1,000 square feet, equaling approximately 120 surface-level parking spaces for employees and visitors.
2 Pai Park has an exceptional location in Greensboro just off State Highway 68 and close to Interstate 40. State Highway 68 sees well over 30,000 vehicles passing by daily, and that number jumps up significantly to over 55,000 vehicles passing by daily on Interstate 40. The surrounding area is home to numerous hotels like Hampton Inn, Residence Inn, Fairfield Inn, SpringHill Suites, WoodSpring Suites, Comfort Suites, Hilton Garden Inn, Holiday Inn Express & Suites, Four Points by Sheraton, Home2 Suites by Hilton, Embassy Suites by Hilton, and many more. There are countless amenities in the vicinity including national chains like Subway, Wendy's, Ruby Tuesday, and McDonald's, as well as local spots like Fire & Sticks Japanese Steakhouse & Sushi, Kaya Korean Chinese Restaurant, Bawarchi Biryanis, Steak Street, Pita Delite, and more. The property is located less than 10 minutes from the Piedmont Triad International Airport, the third-busiest airport in North Carolina.
Strategically positioned in the Piedmont Triad region, Greensboro enjoys seamless connectivity to major markets such as Charlotte, Raleigh-Durham, and Atlanta. Its proximity to Interstates 40, 85, and 73 ensures effortless access to the greater area. Greensboro boasts a diverse and robust economic base encompassing advanced manufacturing, logistics, technology, healthcare, and education sectors. Greensboro presents a fertile ground for business expansion, and the city's robust GDP growth and competitive business incentives make it an ideal choice for investors looking to capitalize on sustainable economic development. Greensboro is renowned for its vibrant arts scene, world-class educational institutions, and a welcoming community atmosphere. The city is host to numerous cultural festivals, museums, and recreational opportunities.
Don't miss out on a rare opportunity to acquire a vacant office building with tremendous value-add potential and an amazing location in the Airport/W Guilford County Office Submarket.
Tours by appointment only. Please contact the broker to schedule a tour.
2 Pai Park has an exceptional location in Greensboro just off State Highway 68 and close to Interstate 40. State Highway 68 sees well over 30,000 vehicles passing by daily, and that number jumps up significantly to over 55,000 vehicles passing by daily on Interstate 40. The surrounding area is home to numerous hotels like Hampton Inn, Residence Inn, Fairfield Inn, SpringHill Suites, WoodSpring Suites, Comfort Suites, Hilton Garden Inn, Holiday Inn Express & Suites, Four Points by Sheraton, Home2 Suites by Hilton, Embassy Suites by Hilton, and many more. There are countless amenities in the vicinity including national chains like Subway, Wendy's, Ruby Tuesday, and McDonald's, as well as local spots like Fire & Sticks Japanese Steakhouse & Sushi, Kaya Korean Chinese Restaurant, Bawarchi Biryanis, Steak Street, Pita Delite, and more. The property is located less than 10 minutes from the Piedmont Triad International Airport, the third-busiest airport in North Carolina.
Strategically positioned in the Piedmont Triad region, Greensboro enjoys seamless connectivity to major markets such as Charlotte, Raleigh-Durham, and Atlanta. Its proximity to Interstates 40, 85, and 73 ensures effortless access to the greater area. Greensboro boasts a diverse and robust economic base encompassing advanced manufacturing, logistics, technology, healthcare, and education sectors. Greensboro presents a fertile ground for business expansion, and the city's robust GDP growth and competitive business incentives make it an ideal choice for investors looking to capitalize on sustainable economic development. Greensboro is renowned for its vibrant arts scene, world-class educational institutions, and a welcoming community atmosphere. The city is host to numerous cultural festivals, museums, and recreational opportunities.
Don't miss out on a rare opportunity to acquire a vacant office building with tremendous value-add potential and an amazing location in the Airport/W Guilford County Office Submarket.
Tours by appointment only. Please contact the broker to schedule a tour.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Greensboro - NC USA
Market Cap Rate
Greensboro - NC USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
30,340 SF
Building Class
B
Year Built
1994
Percent Leased
Vacant
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
15,170 SF
Building FAR
0.20
Land Acres
3.45 AC
Zoning
LI - Light Industrial
Parking
120 Spaces (3.96 Spaces per 1,000 SF Leased)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
536
23,405
94,023
2020 Population
503
22,251
93,653
2029 Population
541
23,576
93,925
2024-2029 Projected Population Growth
0.9%
0.7%
-0.1%
Daytime Employees
14,516
42,545
66,471
Total Businesses
483
2,367
4,987
Average Household Income
$92,600
$95,735
$88,925
Median Household Income
$83,125
$75,334
$70,431
Total Consumer Spending
$7.4M
$309.5M
$1.2B
Median Age
36.1
38.7
39.6
2024 Households
255
9,941
41,345
Percent College Degree or Above
38%
35%
30%
Average Home Value
$255,510
$259,203
$256,926
$ values in USD
zoning
| Zoning Code | LI (Light Industrial) |
| LI (Light Industrial) |
PROPERTY TAXES
| Parcel Number | 0098378 | Improvements Assessment | £2,169,637 |
| Land Assessment | £412,905 | Total Assessment | £2,582,542 |
PROPERTY TAXES
Parcel Number
0098378
Land Assessment
£412,905
Improvements Assessment
£2,169,637
Total Assessment
£2,582,542
Sale Advisors
Sale Advisors
Austin Hill, Broker
(336) 541-5510
Contact
A lifelong Piedmont-Triad native, Austin Hill joined Brown Investment Properties in 2016. Austin is a graduate of the University of North Carolina at Greensboro where he received a Bachelor of Science in Business Administration. Having served both local and institutional clients, Austin’s commercial brokerage experience spans nearly every asset class including office, industrial, retail, multi-family, and raw land. Austin pairs competency and local market knowledge with personality and professionalism to provide his clients an unmatched level of service and representation.
Vince Howard, Broker
(336) 202-6314
Contact
Vince Howard is a licensed real estate broker and REALTOR. Vince joined Brown Investment Properties in 2005. He has over 16 years of real estate experience as a commercial real estate broker.
Vince is a graduate of UNC Chapel Hill where he received his B.A. and a post graduate of Wake Forest University where he received his MBA.
He is a member of the National Association of REALTORS, the North Carolina Association of REALTORS, the Greensboro Regional REALTORS Association and the REALTORS Commercial Alliance (GRRA-RCA). Vince is also on the Board of the Bryan YMCA.
Prior to joining Brown, he was employed by a regional REIT (Real Estate Invesment Trust) in the acquisitions/dispositions and analysis department for new office and industrial properties. Vince was involved in the disposition of over 1 billion dollars of their real estate assets over a 5-year period.
Vince is a graduate of UNC Chapel Hill where he received his B.A. and a post graduate of Wake Forest University where he received his MBA.
He is a member of the National Association of REALTORS, the North Carolina Association of REALTORS, the Greensboro Regional REALTORS Association and the REALTORS Commercial Alliance (GRRA-RCA). Vince is also on the Board of the Bryan YMCA.
Prior to joining Brown, he was employed by a regional REIT (Real Estate Invesment Trust) in the acquisitions/dispositions and analysis department for new office and industrial properties. Vince was involved in the disposition of over 1 billion dollars of their real estate assets over a 5-year period.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
John Artozqui
Contact
Ten-X Licensing:
Ten-X, LLC Samantha Corbat RE Brkr C34060. Ten-X, LLC Auction Firm 10478. NCALB Disclosure: Broker Contact is the Seller’s Real Estate Listing Agent providing real estate services only. Broker Contact is not acting as an Auctioneer.
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Austin Hill -
Vince Howard -
Brown Investment Properties
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Former iHeartMedia Office | I-40/68 Corridor | 2 Pai Park
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Former iHeartMedia Office | I-40/68 Corridor | 2 Pai Park
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