The downtown Asheville building known most recently as the home to the Old North State clothing store has sold for $1.365 million. The new owners are Wolfgang and Toni Schmitt. A quick search on that unusual names shows that a Wolfgang Schmitt is the former CEO of Rubbermaid Inc., but I haven’t confirmed is the Broadway building owner is the same Schmitt.
The Broadway building has been on the market vacant for several years, but the sale comes amid other recent downtown Asheville building sales. It’s clear that the central business district real estate market is heating up:
-81 Broadway, just north of the Old North State property, recently sold for $1.2 million. The building, home to the Olive or Twistrestaurant/bar, sold to Jennifer and Blair Hobgood of Charlotte for about $1.2 million.
-68 Patton Ave. sold recently for $3.2 million. A group of Florida investors who already own key downtown properties bought the building. MRK Investments already owns the old Windsor Hotel building on Broadway, as well as the iconic S&W building on Patton Avenue near the Bank of America building. Brett Krueger, a spokesman for MRK Investments, said there were no specific plans for how to develop the building, other than to make it look better.
–100 S. LexingtonAve. is for sale for a list price of $1.9 million. The building, on Asheville’s South Slope, is behind Wicked Weed Brewing and The Orange Peel, two popular downtown destinations.
The Wolfgang who was the CEO of Rubbermaid is married to a Toni. They have three children and are 70 and 63 respectively.
It’s not rocket science, but these new property owners will probably need to charge outrageous rents to recoup the investment.
It’s been vacant for years, so maybe some use in our inner core is a good thing.