Closed $9,000,000

FOR IMMEDIATE RELEASE

March 2, 2026

$9M Broadway Sale Represents Transformative Repositioning

Downtown Asheville parcel became home to hurricane-displaced businesses

NAI Beverly-Hanks, the commercial division of Howard Hanna Beverly-Hanks Real Estate, recently closed on a 1.77-acre property in downtown Asheville, NC. Home to Moog Music operations until the company’s relocation in 2023, the Broadway property became home to businesses displaced by Hurricane Helene, an art studio and gallery housing more than 30 artists, and multiple other local businesses.

NAI Beverly-Hanks agents represented both sides of the transaction, which closed on February 19 for $9 million. The Broadway portfolio, located along Broadway in downtown Asheville, consisted of nine parcels and seven buildings totaling 53,909 square feet, creating a rare large-scale vacancy in the urban core.

“When I first took this property to market, it represented nearly an entire city block of downtown Asheville that was transitioning from single-tenant occupancy,” said Jim Davis, SIOR, the listing agent for the property. “Following Hurricane Helene, we worked closely with ownership to reposition the vacant spaces in a way that supported displaced local businesses while restoring stability to the asset.”

Atomic Furnishings, which lost its Swannanoa River Road location and inventory, moved into the space in December 2024. DayTrip, whose Amboy Road location was destroyed, reopened in March 2025. Additionally, ownership launched Resurrection Studios Collective, creating studio and exhibition space for more than 30 displaced River Arts District artists.

“Resurrection Studios’ workspace and gallery presence became a key component in reenergizing this side of downtown,” Davis said. “Within months, the property transitioned from fully vacant to fully leased, demonstrating both the resilience of Asheville’s business community and the market’s ability to absorb large-scale vacancy.”

Concurrently, Chris Mansfield of NAI Beverly-Hanks began working with the eventual buyer, during the vacancy period, maintaining engagement as the repositioning strategy unfolded and identifying long-term opportunity in the portfolio’s scale and irreplaceable downtown footprint.

“We were engaged with this portfolio while it was still in transition,” Mansfield said. “The ability to acquire nearly an entire city block in downtown Asheville is extraordinarily rare. As stabilization took shape and tenancy strengthened, the timing aligned for a strategic long-term investment in a market with strong fundamentals and limited core inventory.”

Following full lease-up and stabilization, the Broadway portfolio was repositioned as an investment opportunity. The $9 million sale reflects renewed investor confidence and underscores continued demand for well-located, stabilized downtown assets in the Asheville MSA.

“The sale of this property represents more than a successful repositioning,” said Jeremy Owen, managing broker of NAI Beverly-Hanks. “It highlights the advisory role our agents played throughout the transformation of a legacy downtown asset and reinforces the strength of Asheville’s commercial real estate market.”

For more information on NAI Beverly-Hanks, visit naibhcommercial.com or call 828-210-3940.

NAI Beverly-Hanks is the commercial division of Howard Hanna Beverly-Hanks Real Estate. NAI Beverly-Hanks is affiliated with NAI Global, Society of Industrial & Office Realtors (SIOR), Certified Commercial Investment Members (CCIM), and the International Council of Shopping Centers (ICSC), enabling the firm to serve companies and investors locally, nationally, and internationally.