Business

Cleveland company buys Greylyn Business Park

Greylyn Business Park, in southeast Charlotte, has a new owner: Weston Inc., a Cleveland-based commercial real estate firm. GID Commercial sold the property for $46 million, according to a news release.

The release said the site would add about 650,000 square feet and 100 tenants to Weston’s portfolio. The sale was processed by commercial real estate firm JLL, which sold the same site for the Levine family in 2008.

The park is home to a wide variety of tenants including the Charlotte-Mecklenburg Police Department, Crossfit Charlotte and KNA Corporation.

“Greylyn is a very unique asset, with its mix of warehouse, flex, office and retail spaces, which is what attracted us to the property. We are very pleased that JLL will continue to lease and manage it for us,” Weston board chairman TJ Asher said, in a statement.

The sale is “bittersweet” for GID, Rich Sullivan, vice president of commercial real estate, said. “We truly enjoyed owning the park and helping it grow through the years. We saw the park through the worst of times and now saw it blossom in this booming real estate market.”

JLL will continue to handle leasing for the park.

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