Developer, attorney launch
commercial realty in Concord
A developer and an attorney who are starting a new commercial real estate firm in downtown Concord are optimistic about the office, retail and commercial
outlook for 2008.
“We think there is enough going on in Cabarrus County that there’s room for another commercial real estate agency; throughout the Golden Crescent, there is room for one more,” said Zac Moretz, 39, a well-known commercial real estate attorney in downtown Concord who also has his commercial broker’s license.
His partner in Locus Real Estate Advisors is Edward McAfee, 41, an experienced developer who lives in Kannapolis. He developed, ran and recently sold the Gentle Shower Auto Spa near Northlite Shopping Center.
Locus is the Latin root for location. In biology, it refers to the position that a
given gene occupies on a chromosome— a nice tie-in to business expected to come from the soon-to-burgeon North Carolina Research Campus, said Moretz, a partner in the Moretz & Skufka law firm.
Locus Realty has already opened its doors in space Moretz owns downtown. By the end of 2008, Moretz and McAfee hope to have another broker on board and a full-time administrative person.
Pointing out that they want to work with other commercial real estate firms, Moretz and McAfee say what’s unusual about them is that they have both owned a number of commercial properties, “have managed them and started up and sold small businesses.” Selling the small businesses meant selling the real estate that went along with them, McAfee said.
He developed Auto Spa in 2003 and sold it this past summer. The project was his concept, built from scratch, and run as a mom and pop business until it was sold to a Florida company that runs numerous auto wash facilities. He also developed a residential subdivision in Greenville, N.C.
Moretz said Locus will offer the whole gamut of real estate services so that a client with commercial properties and rental housing could use them as a one-stop shop for real estate needs. Moretz and McAfee said 2008 is going to be “an important year” for commercial real estate. Among the factors coming to play this year are: the new North Carolina Research Center, officially opening for business; Philip Morris, moving one step closer to closing; and continuing growth around Harrisburg.
Industrial growth will increase as more municipalities latch onto manufacturing as a way to increase tax revenue without expanding public services, Moretz said.
Certain areas of the Golden Crescent are almost “on fire” with demand, the pair said, citing the Speedway Boulevard area, the areas along Interstate 77 from Mooresville to Statesville, and the western side of Lake Norman.
“I see a really strong market. We hope to jump into this with both feet,” Moretz said. Developer, attorney launch commercial realty in Concord 6 January 2008 Business Today CABARRUS COUNTY
Locus
