Developers Hank Broyles and John Nock have bought out their partners Brandon Barber and Mitchell Massey in the Spring Street Lofts project in Fayetteville.
Nock and Broyles have formed Metro District Partners LLC and through the company paid Barber and Massey $13.14 million on Aug. 10 for two buildings located between Spring and Meadow streets just south of Dickson Street. The property appraised for $18.7 million.
One building, designed by Fayetteville architect Rob Sharp, has 30 two-bedroom condos ranging from 1,200-SF to 1,500-SF and is less than a month from being complete.
The second building, the 70,000-SF Metro Building, formerly known as the Reindl Warehouse, has tenants like the Flying Burrito, Pink Papaya and Metropolis and is 60 percent to 70 percent occupied with retro-feel executive office and residential space also available.
Once the condos – ranging from $290,000 to $380,000 – are finished they will be marketed through a company hired by Nock and Broyles.