Greensboro, NC – October 6, 2025 – CBRE announced the sale of West Friendly Business Park, a 129,519-sq.-ft. flex industrial portfolio located in Greensboro, North Carolina, to Griffin Partners Income & Value Fund IV.
CBRE’s Matt Smith, Patrick Gildea, and Robert Hardaway represented the seller, Perkins Fund, LP, in the transaction.
Located at 7341–7355 West Friendly Avenue, West Friendly Business Park comprises eight buildings situated on 12.36 acres in Greensboro’s Airport submarket. The portfolio is 95.3% leased to 42 tenants across eight industries, offering a mix of suite sizes and functional layouts tailored to small and mid-sized businesses.
“West Friendly Business Park is the latest datapoint demonstrating the trend of growing capital interest in the Flex / Small Bay space in the Southeast,” said Matt Smith, First Vice President, CBRE. “The Carolinas are being targeted by sophisticated capital allocators looking to take advantage of the current supply and demand constraints. West Friendly is an excellent addition to Griffin Partners existing portfolio.”
The property features 24 dock doors, 39 drive-in doors, and ceiling heights ranging from 12 to 22 feet. Its precast concrete and glass façade, individual suite entrances, and storefront glass contribute to its appeal among a diverse tenant base.
Strategically positioned adjacent to Piedmont Triad International Airport (PTI), the park offers immediate access to I-40, I-73, and US-421, providing strong regional and local connectivity.
As of Q2 2025, the Triad industrial market had nearly 2.2 million sq. ft. of positive net absorption, including 552,894 sq. ft. in the second quarter alone. The Airport submarket led the region in both deal volume and square footage leased, signaling continued demand for well-located flex and small bay assets, according to CBRE’s Q2 2025 Greensboro/Winston-Salem Industrial Figures.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
About Griffin Partners
Griffin Partners is a privately held, vertically integrated real estate investment firm founded in 1980 by Fred Griffin. Based in Houston, Texas, the firm specializes in industrial, office, and mixed-use real estate across the Sunbelt and Mountain West markets. Over its four-decade history, Griffin has acquired or developed more than 14 million square feet across 52+ projects, representing over $1.9 billion in total capitalization. Leveraging its fully integrated platform, Griffin oversees the entire investment lifecycle—including acquisition, development, property management, asset management, and disposition—driving long-term value creation and operational excellence.
For more information on Griffin Partners, visit www.griffinpartners.com