Argos has sold another South End property with a prestigious South Tryon St. address. The property at 1316 S. Tryon St., sold for $520,000 this month to an investor, who intends to reuse the existing 7,200 square foot structure.

“We went to contract four times before selling the property,” says Greg Pappanastos principal at Argos, who represented the seller in the transaction. Pappanastos points to a record number of calls and showings on the property as evidence that small investors are clamoring for positions in the red-hot neighborhood. “It’s incredibly difficult to find small to mid-size sites in South End. Purchasing requires an eagle eye, nimble capital and most of all creativity.”

The property at 1316 S. Tryon lacks parking, which Pappanastos admits made it difficult for several potential buyers. “We were told by almost everyone that looked at the property that anything close to asking price was unachievable. But, when you look at trends in South End, increasing density, walkability and proximity of amenities to one another, we knew it would just take the right buyer.”

Plans for the building are not being disclosed immediately. A rezoning to the transit-oriented district TOD-M is scheduled for October.


gpappanastos@argosadvisors.com