Two Charlotte groups buy RSVP Communications' Greensboro headquarters for $10.5 million
Charlotte-based real estate groups Cedar Square and Port Commercial recently purchased the Greensboro industrial property that is home to RSVP Communications.
The groups acquired the 106,2860-square-foot building at 8765 W. Market St. for $10.5 million, according to a filing with the Guilford County Register of Deeds. The 11-acre site is near the end of the Piedmont Triad International Airport runway and is within minutes of I-40, I-73 and I-840.
Cedar Square and Port Commercial purchased the property from RSVP Communications, which is a marketing, fulfillment and call center company that has been in Greensboro since 1985. RSVP moved into a portion of the Market Street facility in the mid-90s and expanded into the full space in 2019.
Cedar Square Associate Ben Palmer said the company has been looking to expand outside of Charlotte, and the Triad made sense due to its proximity and growth.
Palmer said the building is functional and is in one of the strongest submarkets in North Carolina and the Southeast.
He said RSVP is a strong tenant, which was another draw of the property. RSVP Communications is the seventh largest women-owned business in the Triad, according to Triad Business Journal research.
"It allows us to get into the market and branch out from there," Palmer said. "We have made some good relationships through this acquisition and hope to build on that to grow our portfolio in the Greensboro and Winston-Salem area."
Cedar Square is a commercial real estate investment and development company that has successfully completed over $575 million in transactions over the last eight years, and now has $330 million in assets under management.
Conor Mullen, managing partner of Port Commercial, said in a statement that the group is excited to partner with Cedar Square on its first acquisition in Greensboro.
"This acquisition fits within our strategy of investing in functional assets backed by exceptional locations," he said.
Mullen and Ben Johnson, who previously worked together at Lightstone, formed Port Commercial Real Estate this year. Port's principles aim to acquire $500 million in the next five years, according to an article from the Charlotte Business Journal.
Nolan Ashton and Tommy Whitmore of Colliers represented the buyers in the transaction
