**Somerset Properties Acquires South Elm Industrial Center in Greensboro for $46.75M**
Somerset Properties has acquired the South Elm Industrial Center in Greensboro, North Carolina, for $46.75 million. The seller of the 336,000-square-foot industrial complex was Blue Ridge Industrial.
The transaction includes a $33.9 million floating-rate, first mortgage arranged by Neal Colligan of Largo Capital Inc. The funds will support the acquisition and lease-up of the park. The South Elm Industrial Center consists of 13 buildings and is about 80% occupied by 43 tenants.
Somerset Properties operates a diverse real estate portfolio across Florida, Georgia, North Carolina, Pennsylvania, and Rhode Island. In addition to this latest acquisition, the firm owns the 13-building Airpark East Business Park near Piedmont Triad International Airport. Recently, Somerset also sold a 279,000-square-foot industrial property at 275 Northstar Drive in Rural Hall for $12.6 million to APG Capital.
Blue Ridge Industrial maintains a strong presence in the Triad region as well. In 2023, the firm acquired a portfolio of 38 buildings in Forsyth County from the former Pope Companies for $105 million.
