A group of real estate investors in Fayetteville has acquired an historic building on the downtown square, and they are prepared to move cautiously with their renovation plans.
26 W. Center LLC, led by real estate investor Mitchell Massey and business partners Aaron Crawley and David Starling, all of Fayetteville, bought the three-story building at the same address, at the corner of Center and Block. The purchase price for the 28,000-square-foot building was $1.85 million, which equals $66.07 per square foot.
Old Square LLC, whose members include Lee Ward, C.W. Dill III, John Huskins and William Weston Rogers, was the seller. The building last changed hands 25 years ago.
Generations Bank in Fayetteville provided financing with a one-year loan of $1.51 million.
Massey says he sees an opportunity to bring the building up to current rent levels on the square. Known historically as the old First National Bank building, the property also was once home for more than a decade to A.G. Edwards & Sons.
The building, built in the 1950s, now houses the nonprofit Center for Mission Mobilization, a tattoo parlor and some storage space for a local furniture company, but it’s primarily empty.
Massey said depending on the type of renovation plan that is put together, rent rates could range anywhere from $12 to $20 per square foot.
“It’s important to us as Fayetteville residents to do something responsible with that important corner of our town square,” Massey said. “We intend to take as much time as needed to really come up with the right plan that works and what will work long term.”
Fayetteville architect Albert Skiles is working with the developers on the design. Massey said some initial renderings are contemplating opening up access to the building from Block Avenue.