Linville Team Investment Manager Michael Holshouser said the purchase is related to the brokerage's addition of an investment platform to aid clients in investing in commercial real estate.
Winston-Salem commercial brokerage Linville Team Partners has purchased a shopping center in Clemmons for over $16 million as part of its new investment platform.
Linville Team, under the entity LTPIP Clemmons Town Center LLC, bought the Clemmons Town Center retail development from Main Street Clemmons LLC for $16.4 million, according to a filing with the Forsyth County Register of Deeds. David R. Morgan is listed as the registered agent for Main Street Clemmons LLC.
The shopping center is made up of two buildings that are home to multiple businesses including a Planet Fitness, Ketchie Creek Bakery, the Playground Golf and Sports Bar, Crossroads Cycling Co., East Coast Wings and Grill, Cugino Forno Pizzeria and Abbott's Frozen Custard.
Clemmons Town Center is adjacent to the Clemmons Town Center Apartments, a 312-unit luxury community that Chris Parr developed and built. The shopping center is northwest of Lewisville-Clemmons Road's intersection with I-40.
Michael Holshouser, investment manager for Linville Team, said the purchase of the shopping center is part of the firm's new investment services platform. He said Aubrey Linville, president of Linville Team, and Nick Gonzalez, managing director of brokerage services, had the idea to support the firm's existing client base in investing in commercial real estate. He said Linville Team has informally been partnering with investors for a year or two, but formally kicked off its investment services platform at the end of last summer.
"We get a lot of clients that have told us over the years that they'd love to invest alongside of us," Holshouser said. "Not everybody is able to go out and buy a property themselves, but they have interest in investing in commercial real estate, and we wanted to provide the opportunity for our existing network and new clients."
Holshouser said Linville Team had an existing relationship with the previous owner of the center and felt the timing of the purchase was right for both sides. He said the shopping center has a great mix of local and national tenants and Linville Team sees it as an asset in the company's backyard.
"We're very excited about it — we feel like it's a great long-term investment opportunity for us," he said.
While this investment is in the Winston-Salem market, Holshouser said Linville Team will be looking for investment opportunities across the Southeast as part of the new platform. He said the company also hired a full-time property manager to work on the investment services team about a year ago, which he felt was a prudent decision.
"We have systems built in place now where we can smoothly transition these properties we're buying through our investment platform alongside of our property management platform as well," he said.
Linville Team Partners ranked No. 46 in the Triad Business Journal's Fast 50 awards in 2024.
Triad Commercial Real Estate Brokerages
Current no. of Triad brokers
Rank | Prior Rank | Business name/Prior rank |
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1 | 1 | Brown Investment Properties Inc. |
2 | 2 | NAI Piedmont Triad |
3 | 3 | Linville Team Partners |
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