Major Hollymead investor sells

A major investor in the Hollymead Town Center plans to sell more than half its interest and beat town with a tidy profit.
As reported in The Daily Progress last week, Asset Capital Corporation bought 78 acres in the Hollymead Town Center on Route 29N for about $52.1 million in August 2005. The firm now plans to sell 40.7 acres for $42.6 million. The firm did not disclose how much money they had spent improving the site, although the Progress quoted company honchos saying that real estate taxes were among the company’s biggest expenditures on the property. According to the company’s website, the sale is expected to close in segments over the next four years.—John Borgmeyer