A Greensboro-based commercial real estate firm that is among the largest in Triangle has been selected to increase its presence in the Triad.
Brad Gregory, who was last year ranked as the 10th largest commercial broker in the Triangle with 16 employees, will be the broker responsible for an office located at 822 N. Elm St. Suite 106 on the north side of downtown Greensboro.
Gregory stated that he had been working in the space on the north side of downtown for around four years. However, naming a new broker as the company's representative signals its intention to expand in the area. Gregory says that the company has expanded its space to allow for up to four brokers. This is likely a plan to grow over a period of three years. The company has additional space that it can expand into if the growth warrants.
Why now? Growth that is occurring and expected to happen as a result from wins along the NC. Carolina Core is the U.S.421 corridor that extends from Winston-Salem and Fayetteville. It has attracted Toyota, Wolfspeed VinFast, and Boom Supersonic to Piedmont Triad International.
Gregory replied, "It's all of that." The Carolina Core is, in my opinion, the best commercial real estate news that the Triad had in the past 25 years. Chatham has a huge market, I sell a lot of land. For every employee at an automobile plant, there must be four more outside workers to support them. They do not stock, and their shelf life is only minutes or hours.
The effects of the U.S.421 corridor are felt throughout the Triad.
He said, "There is so much commercial potential in those areas." I see this corridor 40 as well. It's not far from Burlington to reach the megasites.
Gregory has been in the real estate industry for 34 years and lives in Greensboro. Gregory has worked for Pickett Sprouse, and its parent company West & Woodall since early 2018. He estimates that 75% to 80% of his work is in the Triangle. However, work in the Triad continues to increase. He has worked mostly in properties that generate income and a lot of land sold to developers for single-family homes or multifamily developments.
Gregory said plans to expand the Triad’s presence are a natural extension not only of the company’s growth, but also the Triad’s growth.
Gregory stated that the Triad was North Carolina's logistics hub. The Triad is in high demand right now because of its cheap water, power, and amazing roads, as well as the fact that it's located in the middle the state. This is particularly true in the northeastern area of the city, after the completion the Greensboro Urban Loop.
He has worked in real estate for over a decade, including with Twin City Management, Water Street Realty and Country Club Condos. Prior to this, he spent 17 years in Richmond, Virginia in the residential real estate industry with J. Marvin Gregory Inc. From 2006 to 2009 he served as Vice President of Operations for O'Henry House LTD, an upholstered furniture company, for about three years.
He claimed that Pickett & Sprouse, a commercial brokerage based out of Durham and operating in the Triangle area since 1981, was the oldest in Durham. Pickett & Sprouse, a residential and commercial property management company that entered the central Triangle in 2005, acquired Pickett & Sprouse about four years ago. In 2019, it nearly doubled its business portfolio after acquiring South East Real Estate Management Company in Durham.
Gregory stated that the divisions will consolidate from three locations to Hillendale Road, Durham in March 2020. The pandemic was hitting and the ACC Tournament was shutting down at the same time.