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Triad developer sells properties to free up cash for new projects

John Brasier
Triad developer sells properties to free up cash for new projects

The industrial development boom is not only prompting a Triad developer to build new facilities, but also to sell off some existing buildings. Samet Corp. has sold three Triad buildings and a parcel of land to global asset management company Ares Management (NYSE: ARES) for almost $19 million. Brian Hall, Samet's director of development, said the sales provided money to re-invest in spec buildings in Greensboro (120,000 square feet off Campground Road), Mebane (134,000 square feet in North Carolina Commerce Park) and Kernersville (350,000 square feet in Triad Business Park) that the company is developing.