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Mixed-Use Property Sells for $5M; New Salon Planned

View the full article at the Triad Business Journal. 

Glen Rock, N.J.-based The Bedrin Org. this week purchased St. George Square in Winston-Salem for $5.11 million and plans to build the Triad’s second Salons by JC there.

The mixed-use property, built in 2008 and located off Hanes Mall Boulevard, includes two buildings that total nearly 41,000 square feet, as well as two pad sites, where The Bedrin Org. expects additional development.

The site was sold by 620 St. George Square Ct. LLC, an entity managed by Stabilis Fund I LP, a New York-based private equity fund. Bedrin said an affiliate of Channel Real Estate Funds provided half of the equity, with the Bedrin family putting in the balance. CBRE represented the seller in the transaction.

The Bedrin Org. owns a half-dozen properties throughout Greensboro and High Point. St. George Square marks its first Winston-Salem acquisition, according to Garret Bedrin, head of acquisitions and leasing. At closing, the property was 70 percent leased.
Salons by JC, a multitenant beauty salon concept, will be built in about 6,700 square feet of shell space on the second floor of one of the buildings, with construction to begin in September and opening expected in early January. That brings occupancy to 87 percent.
Bedrin said the salon is expected to cost about $800,000. A contractor has not yet been selected.
It is the second Triad location for Garret and Mike Bedrin, the franchisees. They opened a Greensboro location in Caldwell Court shopping center, also owned by The Bedrin Org., earlier this year. That salon is configured into 19 mini-suites that are leased to independent beauty operators. It is now 100 percent leased.

The new salon will have 33 mini-suites, Bedrin said.
Other tenants include Regus, a provider of temporary furnished office suites, in more than 10,000 square feet; Berkshire Hathaway HomeServices in 3,400 square feet; Hakka Chow, an Asian fusion restaurant, in about 5,000 square feet; and Strands Salon & Spa in about 2,000 square feet.
The one-story building also on the property is leased by Tropical Smoothie Cafe, Nothing Bundt Cakes, State Farm Insurance and The Basil Leaf restaurant.
The site has three vacant units — with 1,360, 1,370 and 2,879 square feet — and Charlie Fulk at Meridian Realty in Winston-Salem will handle that leasing. Meridian will manage the property.

“We are aggressively looking to fill up the remaining spaces, including more food, a small private fitness studio like Pure Barre or Orange Theory, or a social-based experience provider like a ‘Paint and Sip,’ wine tasting, ice cream parlor,” Bedrin said.
He hopes to develop the two remaining land pieces for service-oriented retail or medical, perhaps an urgent care or similar facility.
“We think St. George can be a one-stop development to allow someone to rent an office, visit the salon, work out, eat lunch and have a glass of wine with their friends all in a safe, well-located and beautiful environment,” Bedrin said.