The owner of Winston Tower in downtown Winston-Salem has expanded his Triad commercial real estate portfolio by spending $5.5 million on The Shops at Sedgefield Crossing property in Greensboro.
The shopping center, located at 5696 W. Gate City Blvd., has 75,200 square feet of retail space, with a 35,900-square-foot Lidl grocery store at its center.
The buyer is Sedgefield Crossing, an affiliate of Charlotte-based JTM Capital Partners, co-founded by Tip Moore and Jason Tuttle.
The seller is Group Sedgefield of Boca Raton, Florida.
Each of those groups was involved in JTM Capital's direct purchase of a two-acre site at 4637 W. Gate City Blvd. for $500,000, which includes retail space at the corner of West Gate City Boulevard and Groometown Road.
JTM Capital says on its website that it is a privately held company “focused on acquiring value-add commercial real estate properties.” The company's current portfolio includes the Carolinas and Georgia, but it also has interests in properties in Tennessee and Virginia.
Anyone else reading this…
“JTM Capital is excited to acquire Sedgefield Crossing and add to our Triad portfolio,” Tuttle said. “We love the real estate on which this property is located and have plans to increase the value of this property through physical upgrades and intentional leasing of the limited vacancy space.”
The Shops at Sedgefield is the third commercial property JTM has purchased in the Triad. JTM affiliate Winston Tower purchased the landmark building for $14 million in August 2022. The same group paid $4.42 million for the parking garage property at 118 E. Third St. Combined, the properties have more than 800 parking spaces.
Winston Tower is highlighted on JTM's website as an example of an investment strategy.
The 425,741-square-foot building was the second of Wachovia's three headquarters in Winston-Salem and officially opened at 301 N. Main St. in 1966. At the time, it was one of the tallest skyscrapers in the Southeast, standing at 30 stories.
The old headquarters building was listed on the National Register of Historic Places in 2001. The building was purchased in 2003 and reopened as Winston Tower.
At the time, JTM said it aimed to position Winston Tower as a Class B, low-cost option for small businesses and nonprofits. The group said it hoped to attract tenants emerging from Winston Starts and other local startup incubators.
In July 2023, an affiliate of JTM Capital purchased SouthEast Plaza, 3067 Waughtown St., anchored by a mini-mall and Family Dollar, for $8.45 million.
“Winston-Salem was identified by JTM Capital as a target market due to its steady growth over the years and city-wide investment in the city's downtown and surrounding areas,” the company's website states.
“And because it's been largely overlooked by institutional investors who focus on NFL cities, value and yield can be realized. Winston-Salem has all the benefits of Charlotte or Raleigh, including restaurants, breweries, a local downtown arts district and a focus on innovation, but with a much lower cost of living.”
email address
336-727-7376
translation:
Business News You Need
Get the latest local business news delivered to your inbox every week for free.