Author: Hanna Jackson

Look Back: 2023 Sale of Kaleideum Downtown Building to Compleat Kidz

Commercial Realty Advisors’ Jeff Andrews, SIOR, and Houston Hough represented the Seller in the 2023 sale of Kaleideum’s downtown building to Compleat Kidz, a pediatric rehabilitation services clinic for children with special needs. The building, located at 390 South Liberty Street, was the original downtown facility of Kaleideum, formerly The Children’s Museum of Winston-Salem.  The Grand Opening of its new downtown Winston-Salem location was held this past weekend.

“As a longtime resident of Winston-Salem and a father of four, it has been an honor to represent Kaleideum in the sale of its original downtown facility,” said Jeff Andrews, SIOR, Partner and Broker-in-Charge at Commercial Realty Advisors.


To read the entire article published by YesWeekly, click here:

To learn more about Compleat Kidz, click here:


2022 First Quarter Update


The Triad industrial market has experienced strong growth throughout the coronavirus pandemic, with 2021 resulting in historical highs in 12-month rent growth and net deliveries, while also experiencing five-year peaks in net absorption. Sales have also experienced similar growth, with highs in 12-month sales volume and historically low cap rates.

With 5.5± million square feet under construction at the time of this blog post, lower than average vacancy rates (5.35± %) appear to be organic in nature, as the market has not experienced significant supply-side strains on inventory. Leasing velocity has remained strong, with 12-month net absorption figures (2.7± million SF) easily surpassing the rolling 10-year historical average of 2.1± million square feet. As demand remains high, rent growth is expected to trend upwards, with some forecasts indicating a $0.50 per square foot YOY rent growth from Q4 of 2021 to Q4 of 2022.

Despite the current economic climate, investment in the Triad Industrial market has remained strong, with market cap rates hovering in the 6.25%-6.75% range. Market sale prices have hit an all-time high of roughly $95.00 per square foot, while 12-month sales volume figures ($423 million) have eclipsed the former historical peak of $401 Million with ease.

Various Industrial Lease Deals (last 12 months):
  • XPO Logistics – 639,800 SF at $4.35 NNN | 2203 Sherrill Drive, Statesville
  • Schnadig International Corporation – 263,500 at $4.95 NNN | 1818 Youngs Mill Road, Greensboro
  • JELD-Wen – 112,500 SF | 2061 Sherrill Drive, Statesville
  • Pine Gate Renewables – 105,000 SF at $3.25 MG | 74 W 32nd Street, Winston-Salem
  • South Atlantic Packaging Corporation –  103,821 SF at $3.75 MG | 315 Cassell Street, Winston-Salem
  • Plastiflex – 62,878 SF at $5.75 NNNdeal | Statesville
Various Industrial Sales (last 12 months):
  • 100 Enterprise Park Boulevard, Winston-Salem – 304,200 SF Distribution Center sold for $23.8 Million ($78.24 PSF)
  • 210 N Pendleton Street, High Point – 324,650 SF Manufacturing Facility sold for $16.03 million ($49.37 PSF)
  • 289 Business Park Drive, Winston-Salem – 125,000 SF Distribution Facility sold for $9.15 million ($73.20 PSF)
  • 2675 Annapolis Drive Winston-Salem – 115,500 SF Distribution Facility sold for $10.75 million ($93.07 PSF)
  • 295 Business Park Drive Winston-Salem – 316,000 SF Distribution Facility sold for $30.05 Million ($95.06 PSF)
  • 300 Penny Road, Greensboro – 1,546,000 SF Distribution Facility sold for $74 million ($47.84 PSF)
  • 386 Murdock Road, Troutman – 1,000,000 SF Distribution Facility sold for $69 million ($69 PSF)

*Above data comes from a Costar analysis of 295 Class A industrial properties.*

Click here to check out our industrial listings.


While demand in the Winston-Salem office market has remained lukewarm throughout the Coronavirus Pandemic, vacancy rates have stayed close to the 10-year historical average of 7.5%. Minimal construction in the last four quarters has placed little supply-side pressure on vacancy, and this trend is expected to continue into 2022. Winston-Salem’s office vacancies are expected to stay below Great Recession levels, however as office users continue to evaluate their space needs in wake of the pandemic, market fundamentals are expected to be further impacted into 2022.

Leasing velocity has remained low, with demand being heavily impacted over the last two years. While Winston-Salem closed 2020 with more than 95,000 SF of positive net absorption, an outflow of negative net absorption over the prior 12 months (-125k SF) has shown that there is little sign that the Winston-Salem office market will improve into 2022. With demand lagging behind other office markets in North Carolina, rent growth has also remained stagnant, hovering near the 10-year rolling average of 1.6% YOY growth.

Investment in Winston-Salem’s office sector has experienced similar trends as the leasing market. Market cap rates continue to remain near the 10-year rolling average of 8.5%, while 12-month sales volume ($51.2 Million) has lagged behind historical trends. Although investment has remained minimal in the last 12 months, market sale prices have seen a sharp uptick in comparison to historical norms, coming in around $150 per square foot.

Click here to check out our office listings.

Is your lease expiring in 2022?

With the advent of the New Year, it is time to start thinking about what this year might bring for your business. Don’t let your expiring lease sneak up on you without adequate time to conduct your due diligence. Use the steps below to help you assess your space needs in 2022!

1. Start early!

Whether you plan to renew or relocate, don’t wait until the last minute to explore your commercial real estate options. If your lease is expiring at any point during 2022, now is the time to initiate the process. Timing is an essential part of any renegotiation or relocation project!

2. Be prepared... hire a tenant rep!

Commercial real estate can be a tricky business. Hiring a tenant rep means you always have someone in your corner. Tenant reps assist tenants in analyzing their space requirements and commercial real estate objectives in order to formulate the ideal real estate solution for their business. With Commercial Realty Advisors’ tenant representation expertise and extensive market knowledge, we can assist in the renegotiation of existing leases or help with relocation projects.

One of the most valuable aspects of tenant representation is the time that it saves business owners. Clients can handle the day-to-day operations of their businesses, while the tenant rep broker is taking care of the time-consuming tasks such as researching properties and negotiating agreement terms.


3. Analyze your current situation... should you stay, or should you go?

Take a step back and look at your current space, does it fit your needs? Is your business expected to expand/contract in the next fiscal year? What does your business plan look like for the next few years, does your current space fit those plans? If your space works for your business, a tenant rep can assist you in renegotiating your lease terms to market rates. If you think that you have grown out of your existing space, a tenant rep can assist you in finding a more suitable home for your business. The benefit of renewing is that staying in your current space is usually cheaper and easier for your business due to avoiding the interruptions caused by moving.

However, if your space does not facilitate your goals for the upcoming year, then it’s time to move! Working with your tenant representative, you will discuss space needs, pricing, location, and current market trends. They will then research available properties, present you with a comprehensive list for you to review, assist you in identifying good fits for your business and schedule times to tour your top options.

Commercial Realty Advisors has been serving the Piedmont Triad of North Carolina since 2006. With SIOR, CCIM, ACIP and LEED certifications, our highly trained brokers have built a reputation of trust and excellence.
Contact us today so we can help you with your tenant representation needs!

Recent Transactions | Fall 2021

Commercial Realty Advisors is proud to have been able to represent our new and returning clients during these recent transactions. We provide expertise in a broad spectrum of services that covers all aspects of commercial real estate brokerage. With a team of eight licensed professionals, we act on behalf of companies, institutions, and individuals to acquire, sell, or lease commercial real estate.
Contact us for all your brokerage needs!

Sale Transactions

- 1918 Eastchester Rd, Hight Point, NC (Land)

1918 Eastchester Rd, Hight Point, NC

Jordan Reece, CCIM, Brad Klosterman and John Reece represented the seller of this 20-acre, prime development land featuring a large road frontage on Eastchester Drive in High Point, NC. in the property was rezoned from General Office to Office Institutional to accommodate a retail/office /residential mixed use opportunity. This property has excellent access to I-74 and Palladium Retail Area.

- 718 East Blvd, Williamston, NC (Retail)

Steve Vallos represented the seller of this former Walgreens store in the charming town of Williamston, NC, located northeast of Greenville, NC. This retail location will be a new store location for Walker NAPA Auto Parts.

- 190 Charlois Blvd, Winston-Salem, NC (Office)

190 Charlois Blvd, Winston-Salem, NC

Jeff Andrews, SIOR, and Steve Vallos represented the seller for this 12,000 SF office building located off Stratford Road in Winston-Salem, NC. This Class A office space will be the new home to the renowned Mitchell Prime Properties, a luxury North Carolina real estate firm. John-Mark M. Mitchell, Founder and CEO of Mitchell Prime Properties, has consistently been recognized for breaking real estate records throughout North Carolina. Mitchell Prime Properties is proud to be recognized as the first company to be featured on the cover of the duPont Registry.

- 5080 Harley Dr, Walkertown, NC (Retail)

Lease Transactions

370 & 380 Knollwood St, Winston-Salem, NC

- 370 Knollwood St, Suite 300, Winston-Salem, NC (Office)

Allen Tate Real Estate subleased space in this Class A office space to be the new home to one of their Winston-Salem offices.

- 370 Knollwood St, Suite 600, Winston-Salem, NC (Office)

Jeff Andrews, SIOR subleased this office space to local law firm, Waldrep Wall Babcock & Bailey PLLC. Waldrep Wall focuses on bankruptcy, commercial transactions, healthcare, commercial real estate, and litigation.

- 380 Knollwood St, Suite 450, Winston-Salem, NC (Office)

Steve Vallos and Kurt Birkins represented the tenant, Sono Bello, in this transaction. Sono Bello specializes in advanced, micro-laser technology, offering a variety of body contouring treatments. This is the first Sono Bello to open in the Piedmont Triad area and is conveniently located near Thruway Shopping Center, off of Salem Parkway.

- 1381 Old Mill Circle, Suite 300, Winston-Salem, NC (Office)

1381 Old Mill Circle, Winston-Salem, NC

CoreLife will open a new office in Winston-Salem's Consolidated Center, conveniently located off of Stratford Rd, near Interstate 40. CoreLife is a nationally recognized healthcare organization serving patients who want to get to a healthy weight to address medical conditions that keep them from living a full life.

- 1134 Burke St, Suite C, Winston-Salem, NC (Office)

Working with the Jacob Hauser, owner of Woodsman Studios, Brad Klosterman, AICP, LEED AP ND, was able to find a larger studio and office space for this full service content creation house. Woodsman Studios is nationally known for provided high quality video and photography services for commercial, corporate, documentary, cinema, and reality productions. This small operation has now grown to have production houses in many states throughout the east coast.

- 3086 Trenwest Dr, Suite 7, Winston-Salem, NC (Retail)

Senior Broker Brad Klosterman, AICP, LEED AP ND, helped owner, Megan Lambeth, of MegLo Cakes find the perfect spot to open her first store front for her small boutique bakery. After spending many years learning and honing in on her cake decorating craft at a local grocery store, Megan decided it was time to branch out and work on her own. Taking the extra time to get to know what Megan needed and wanted allowed for Brad to find the perfect spot for Megan.

- 3012 E 10th St, Greenville, NC (Retail)
- 418 S Stratford Rd, Winston-Salem, NC (Retail)
- 110 West Medical Park Dr, Lexington, NC (Medical)

Welcome new team member!

Commercial Realty Advisors is excited to welcome Hanna Jackson to the team!


Hanna joins Commercial Realty Advisors as the Marketing Communications Specialist after spending almost 5 years working for the Board of Cooperative Ministries of the Moravian Church. She was responsible for provincial communication, project development, and event planning. Her background also includes email marketing, website design, and marketing campaign development. Commercial Realty Advisors specializes in real estate brokerage, development, and property management. Hanna currently lives in Pfafftown with her husband, David, and son, Ford. She is an active member of Calvary Moravian Church, holding positions on many committees and boards.

We are excited to have Hanna on our team!

Welcome, Hanna

Don’t Give Up That Office Space!

Now that vaccines are becoming more available to the general US population, offices are planning to get back to normal. But what does “normal” look like for future office spaces post-pandemic?

A look back in history reminds us that during the Industrial Revolution, people began doing commercial work from home. Over time, the expectation for employees to work in communal office spaces became the norm. Not long ago, tech companies did everything they could to keep employees from leaving campuses by providing incredible on-site amenities.

In March of 2020, all that changed. Offices that could, closed their doors and sent their employees to work from home. Some organizations, like Twitter, are now allowing their employees to work remotely on a permanent basis. Eliminating – or at least scaling back – office space saves money, as companies transfer the cost of providing and paying for offices to employees (even though those offices are often at the kitchen table). According to Pew Research Center reports, in February of 2021, 71% of workers with the ability to work remotely are doing so, and 54% want to continue telecommuting post-pandemic, with the ability to be more productive with the comforts of home, on their own schedule. There is no going back to what was.

But the desire to spend more time working from home is not the same thing as never wanting to go into an office environment again. The office is not going away and might be needed more than ever post-pandemic, as a place to maintain and build an organization’s culture. People need places where they can come together, connect, build relationships, and develop their careers. In a knowledge economy, face-to-face interaction and collaboration are needed for serendipity and growth. The office offers important learning opportunities for younger employees, according to Jim Coleman, economics head at WSP in London. “A lot of developing people is not formal training, it’s all the other interactions. There’s still a lot to be gained from being together as a team.” “For people at the start of their careers, there’s probably more desire to be with other people because you’re still learning and you want the experience and social life that goes with it. Whereas as you get older and you may have settled down … it’s much easier to work from home.”

Although companies had already begun to shrink the amount of space per employee before the pandemic (less than one desk per person, for example), Magnus Meyer, Managing Director of WSP Nordics & Continental Europe says “In a crisis, there is always a focus on trying to reduce fixed costs like offices.” “The typical tenant will start thinking that maybe they don’t need space for 100% of their employees, maybe only 75% or 60%. Or they might not expand because of the crisis, but just work with the space they have.” However, because of the nature of COVID-19, organizations have been pushed in the opposite direction. For offices to maintain distances and open safely, they will have to allow for more space per employee and continue to offer remote working. “The next time a coronavirus comes along, we know we need to move quickly to this model, which means that it has to be in play – at least in part – most of the time,” says Colemen. “I don’t think any business will want to go back to the way things were done, so that has an immediate implication for space.”

So what will be the “new normal” in office work? In many cases, individual work will continue to happen at home, often with periodic returns to the office for group collaboration and socialization. In others, there will be a full-time return-to-the-office after COVID. In both cases, there needs to be a greater ability to social distance while in the office with a more flexible use of existing space.

Offices do matter. They allow necessary in-person collaborations and social interactions that keep employees engaged in ways that can’t happen remotely. We require private spaces when we need separation, but we also need public places to bring us together. But, office spaces must evolve into better workplaces that make interactions more effective–and safer–than ever before, to ensure they are ready if and when the next pandemic comes around.

References:; by Elise Shapiro; by S. Mitra Kalita, 12/9/2020; by Peter Bacevice, John Mack, Pantea Tehrani, Mat Triebner, 8/14/2020

The Wall Street Journal, “The End of the Commute? Maybe Not”, by Peter Cappelli, 12/17/2020; by Ken Morris, 2/17/2021

Triad Poised for a Successful 2021

Why Triad is Poised for Business Growth in 2021

It’s been a tough year. Coronavirus has wreaked havoc on the country’s – and world’s – economies. But despite the challenges posed by the virus this past year, North Carolina continues to attract new and expanding businesses originating within our state, across the US and even internationally.

North Carolina’s business environment continued to receive impressive accolades this year, tying with Georgia for #1 Top Competitive State for Business from Site Selection, 2020 (North Carolina was #1 in 2018, #2 in 2019) and #1 Best State for Business, 24/7 Wall St, 2020.

“That leaders in disparate industries are drawn to locations all across our state proves North Carolina’s broad appeal to businesses across the world,” said Frank Emory Jr., Chair of the N. C. Economic Development Partnership. There are several factors that establish North Carolina’s high rankings.

    • Favorable legal and regulatory business climate
    • The lowest corporate income tax in the country
    • Low business cost
    • World-class labor pool—including the largest manufacturing force in the southeast, and a young, educated and growing workforce
    • Favorable, temperate weather
    • Access to beaches and mountains
    • Top quality medical facilities

Dariel Curren, EVP of Development Counsellors International, an organization specializing in economic-development marketing, said results of a 2020 corporate executive survey show 55% will bring back or expand US production and operations after leaving due to unfavorable U.S. trade policies and recent global economic uncertainties. During the pandemic, these executives became more interested in medium-sized, rural and suburban areas vs. large metros. “This is good news for Greater Winston-Salem”, Current said. The Triad, positioned between the two largest NC markets (Charlotte and Research Triangle), provides different benefits: little urban sprawl, less traffic congestion, a sizable workforce, and a lower cost of living.

Mark Owens, President and Chief Executive of Greater Winston-Salem Business Inc., feels Winston-Salem will likely benefit from businesses’ growing interest in continuing the work-from-home trend forced by the pandemic. “Growth potential is highest in the industries that Winston-Salem is best suited for, including biotechnology and life science, advanced manufacturing, food and beverage processing, and more.” Although high-profile relocation successes grab the most attention, he said, “more than 80% of new jobs come from existing businesses rather than relocation projects.” “Our major employers are likewise in industries that are primarily seeing resilience from the pandemic, in high-growth industries, and located in a business-friendly local economy that fosters their success”, Owens said.


Owens said his Greater Winston-Salem team developed new marketing efforts to respond to the pandemic, including a refreshed website, digital advertising campaign, data tools and commercial real estate listings “that are designed to get the attention of businesses looking to locate in one of the best communities in the nation.” Marketing efforts should help potential employees to view Winston-Salem as a great place to work, live and play, as attractive as Austin, TX, Nashville and Denver.

Laura Johnson Lee, with Greater Winston-Salem, said “our strategy involves seeking new opportunities and working regionally for success.” “We’re collaborating with city and county partners to identify and market new industrial properties, including sites, spec buildings, brownfield sites and more. Existing commercial and office space is available with more under construction.” “We’re experiencing traction in our recruitment efforts, with positive reception from national site consultants and current economic development clients considering Forsyth County.”

Forsyth County and Winston-Salem have struggled for the past several years without ample speculative/vacant buildings or land ready for development, and that challenge continues to restrict efforts to recruit new businesses. “The current lack of sites and modern industrial building is one of biggest impediments to growth,” Mayor Allen Joines said in June 2019. And, the efforts to expand Winston-Salem’s downtown Innovation Quarter have slowed down as fewer buildings eligible for historic preservation tax credits are available. However, the completion of Winston-Salem’s Northern Beltway will open opportunities for new industrial development sites. Both UPS and Ontex were able to identify land (Alamance and Rockingham counties) for expansion projects, and Nestle Purina PetCare recently announced plans to renovate the empty MillerCoors campus in Eden.

“We have work to do, but I feel like we have the system and partners in place to be successful,” said Forsyth Manager, Dudley Watts. “We have a diverse portfolio of sites, land and commercial office space that’s suited to appeal to a broad range of incoming projects, and also offers our homegrown companies room to expand.”

Watts also stated that Whitaker Park Development Authority is working with Greater Winston-Salem “on a couple of projects interested in the 400,000-square-foot facility there which is currently leased by Hanesbrands.” “The 95,000-square-foot building, 605-12, has been part of many submissions, and is of interest to many as it has expansion potential and rail access”, he said.

Chris Chung, chief executive of Economic Development Partnership, said “we feel we will continue to put our communities into play for capital investment and job creation.” “I think there is very little that separates these regions in terms of a lot of the data,” Chung said. “Oftentimes, it’s as much about awareness and perception of what the Triad can represent for companies.”

Even though the Triad is shadowed by our larger neighbors, the better North Carolina does as a whole, the better we will do. Access to additional property via the Northern beltway, our strength in post-pandemic industry sectors, ample and highly trained workforce talent, and our high quality of life and low cost of living differentiates the Triad – we just need to get the word out.

New Partnership on High Point’s The Outfields – The Best Office View in Downtown!

Commercial Realty Advisors, LLC, recently announced it will serve as the exclusive listing agent for 275 North Elm, cornerstone of The Outfields, a redevelopment project that will serve as the foundation of the renewal of Downtown High Point. Commercial Realty Advisors is excited to provide brokerage services for this new venture, developed by Elliott Sidewalk Communities and the City of High Point. Commercial Realty Advisors’ project leasing team will include Jeff Andrews and Jordan Reece. Future phases will include residential living and retail.

The Outfields – 275 N. Elm, HP Office/Retail

275 North Elm will be located at the entrance of High Point’s new Truist Point baseball stadium, home of the High Point Rockers, which opened in May of 2019. The project will be a place of community inspired by the art and history of the local furniture heritage, constructed of masonry, brick, steel and glass.

At the foundation of the three-story building will be High Point’s first Food Hall, Stock + Grain Assembly. The 12,000-square-foot modern marketplace will be home to 10 locally-based food and beverage vendors, ample seating and a large outdoor space, combining unique food, retail and entertainment options in a new destination for the revitalized downtown. Baltimore-based Cana Development, one of the country’s premier food hall experts, will develop, lease and manage Stock + Grain. An additional 2,000 square feet of retail space is available for lease immediately adjacent to the food hall.

275 N. Elm, HP – View From Conference Rooms

The second and third floors will be 36,000 square feet of Class A office spaces (18,000 SF per floor) with state-of-the-art amenities, balconies overlooking the ball field, and the most outstanding office views in the revitalized downtown High Point. Single and multi-tenant leases are available, and there is the potential to qualify for City of High Point’s Targeted Downtown Office Incentive Program. A large marquis sign on the third-floor deck overlooking the stadium is available for a lead tenant.

“As a resident of High Point, myself, I am pleased our firm will be involved with such an important project. In addition to the completed baseball stadium, this will help evolve High Point’s downtown into a place that will attract people to work, live and play in the city,” says Jordan Reece, Partner at Commercial Realty Advisors and lead Broker on the project. “We can’t wait to see the final product and it’s impact on our city!”

About Commercial Realty Advisors: Commercial Realty Advisors, LLC, is a full service commercial real estate firm founded in 2006, specializing in brokerage services, development, and property management. Committed to the highest standards of client service and business ethics, we were built on a firm foundation of trust and excellence. Exceeding expectations is a Commercial Realty Advisors hallmark.

About Elliott Sidewalk Communities: We build downtown joy by aligning the interests of municipalities and their university neighbors, creating vibrant Main Street environments that integrate campus life with town life. We transform underused or vacant parcels into a thriving, walkable downtown destination. It attracts students and residents alike with unique retail, cultural and hospitality amenities. It creates energy, economic growth, and a renewed sense of community. It’s a joy to behold.

Need Industrial Property? Consideration Checklist

Filling Your Industrial Space Needs

Is your business looking for an industrial property? There can be a lot to consider during the search process, and some of the items that should be on your checklist are more obvious than others.

Commercial Realty Advisors guides clients through the decision process, helping to identify all the different factors needed to make an ideal selection. We help navigate the commercial real estate process from start to finish.

Take a look at the list of considerations below. How would you rank these as priorities in your search?


  • Proximity to manufacturing/distribution/customer base
  • Interstate corridors
  • Available workforce in the area
  • Labor cost for the area
  • Zoning
  • Incentives (state, county, city)


  • Square footage + expansion options
  • Clear height
  • Bay size

Building Specs

  • Use (warehouse, distribution, manufacturing, other)
  • Type of building (steel frame, tilt-up concrete)
  • Loading (dock doors, drive-in doors)
  • Sprinkler system: ESFR or wet
  • Office space
  • Parking (employee, tractor trailer)
  • Outdoor storage
  • Temperature control: air turnover, high and low temperatures
  • Floor thickness & PSI
  • Rail access
  • Heavy electrical, significant water needs
  • Lighting (LED, HID or fluorescent)

Davie Industrial Center - Phase I

Davie Industrial Center Phase 1 Exterior

Commercial Realty Advisors has been serving the Piedmont Triad of North Carolina since 2006. With SIOR, CCIM, ACIP and LEED certifications, our highly trained brokers have built a reputation of trust and excellence. Contact us today to help you find the industrial space that’s perfectly suited to fit your needs. Steve Vallos is an industrial space expert; he can be reached at or 336.793.0890 ext. 103.

Commercial Realty Advisors, LLC | 336.793.0890