AIT Building gets new owner

By Stephanie Meador, posted Apr 17, 2023 on BizFayetteville.com

The AIT Inc building, located in downtown Fayetteville is now under new ownership - Photo provided by GFBJ

Sam McGrath is one of the owners of a boutique real estate investment company from Texas, World Class ROI. McGrath and his colleagues recently purchased the AIT Building located at 421 Maiden Lane.

“Together with our partner Smooth Ruckus LLC, we just purchased 93,000 square feet of retail space on Hay Street in downtown Fayetteville. This prime location is set to become a vibrant and thriving hub, with a mix of retail shops, restaurants, and entertainment venues that cater to the diverse needs of the local community. Our vision is to create a unique, upscale shopping experience that will attract both residents and tourists alike, while also providing a boost to the local economy,” shared McGrath in a press release.

McGrath shared that the name of the building will most likely change, but he and Clarence Briggs confirmed that AIT will continue to operate from this location. The new name of the building is undecided.

McGrath shared that the extreme growth Fayetteville is seeing made this purchase the right choice. He explained that World Class ROI has done some business in Charlotte, NC in the past, and they were looking to expand their horizons.

“...we look for areas with essentially spring loaded growth…and Fayetteville has had astounding growth. We’re looking to kind of jump in on that and capitalize on it from a financial standpoint, but at the same time, benefit the community as well by just just adding to the value and kind of jumping on the momentum and creating some of our own, if you will,” remarked McGrath.

“Anytime we see this kind of investment in the heart of our community, it's a positive sign and the owners have the new owners have expressed a real excitement for Fayetteville in this property and, you know, we look forward to supporting their efforts to utilize the property I think in a number of dynamic ways,” remarked Robert Van Geons, president of the FCEDC.

McGrath predicts it’ll take about four to six months before the first tenant can settle into the renovated space and that the developments will likely occur on a tenant by tenant basis to accommodate the specific needs of each business that comes to occupy a portion of the building.

“We plan to collaborate with local artists and businesses to bring a fresh, modern aesthetic to the development, incorporating eco-friendly materials and cutting-edge design. In addition, we aim to support and promote Fayetteville's rich history and culture, making this retail space a true reflection of the community's spirit. We plan to partner with the city to attract new tenants who wish to base themselves in the heart of Fayetteville downtown's social district,” added McGrath in a press release.

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