Fresh-food distributor, Foster, has purchased a distribution warehouse in Winston-Salem. Food company Purple Crow sold the 157,878 square foot building at 2900 Lowery St. for $23.5 million. Purple Crow is a distributor of Hispanic foods that announced new headquarters last year at Whitaker Park, the former Reynolds Tobacco complex.

The Triad Business Journal reports Foster plans to lease the property for a new headquarters and logistics center to serve customers in retail, business-to-business and wholesale trade, as well as restaurants and business and industry food service. Foster currently operates from the Piedmont Triad Farmers Market in Colfax.

With incentives from Winston-Salem and Forsyth County worth up to $86,550, the company announced an investment of about $6.25 million over five years and an expected 165 additional jobs.

On its website Foster says the company began as Foster & Caviness, a small fruit and vegetable business in Greensboro, North Carolina, that is now a multi-state and multi-disciplined provider of food supply chain solutions.

Numerous professional sports teams have developed sports and entertainment districts adjacent to where the teams play. Now, a major college hopes to imitate the success of those developments.

Carter and Front Street Capital, in partnership with the City of Winston-Salem and Wake Forest University, are developing The Grounds, a 100-acre mixed-use development in the area surrounding North Carolina’s major event venues. The $150 million project will blend retail, dining, residential, and office space in one hub.

The Grounds will include:

• a 40,000-square-foot retail village that will include food and beverage offerings
• A 240-unit Residential Community
• A 100K SF Office Building intended to be leased by Wake Forest University. 
• Infrastructure improvements utilizing a $35 million grant allocated by the State of North Carolina that include road improvements, restoration of Silas Creek, and the construction of a paved, landscaped walking trail that will provide pedestrian connectivity throughout The Grounds

Hunt Real Estate Capital has provided a $38.2 million Freddie Mac Conventional Lease-Up Multifamily loan to finance the acquisition of West End Station Apartments, a 229-unit multifamily property in Winston-Salem.

The mid-rise apartment community was completed in 2019, and includes a four-story mid-rise building. There are nine different one-bedroom options and three, two-bedroom plans. The property also offers residents 286 parking spaces.

The borrower, EBSCO West End, acquired the property from a joint venture between The Carlyle Group and Chaucer Creek Capital. The loan was funded through Freddie Mac, as part of a pre-stabilization program for new construction properties in lease-up.

The property is targeted to reach stabilization early this year.

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