Greenville Transit Authority has found a new buyer for its property in downtown Greenville.
Delaware-based Thalweg Capital Management LLC placed a $10 million bid to purchase the 2.85-acre property on Augusta Street. James Keel, executive director of the Greenville Transit Authority, said the buyer’s plans for the property have not been revealed.
The Greenville Transit Authority board of directors unanimously authorized the property sale to the limited liability company during its Dec. 19 meeting.
Greenlink’s 11,000-square-foot maintenance facility currently occupies the property at 106 and 154 Augusta St. The public transit system’s maintenance operations have officially moved to a new $50 million facility at 205 Arcadia Drive. Keel said the money from the property sale would help cover a portion of the new facility’s cost.
Read more about Greenlink’s new maintenance and operations facility
An invitation to bid was initially released by the Greenville Transit Authority in 2023. Parkway Corp., a Philadelphia-based real estate and parking development firm, placed the only bid for the property for $10.7 million. The company backed out of the sale in January.
In October, the Greenville Transit Authority hired Colliers, in conjunction with Christoper David Properties, to assist with the property sale. Keel said they also hired an outside firm to compile an environmental summary package on the property for potential buyers. The site was reappraised lower than the previous appraisal.
At the end of the recent bid cycle, the Greenville Transit Authority received four bids for the property. Keel said they award the bid to the highest responsive and responsible bidder.
“Our attorneys and the brokerage firm that we’ve retained has done due diligence to make a reasonable conclusion that they believe that this firm has the financial capacity to move forward with this transaction,” Keel said.
With the board’s approval, Adam Artigliere, the transit authority’s attorney from Burr & Forman, said they will post an intent to award the bid to the buyer. Thalweg Capital Management LLC will have 10 business days to execute the purchase and sale agreement and submit a $200,000 nonrefundable deposit for the property. The buyer will then complete a 90-day due diligence process. The closing date for the property should take place within the next 120 days.
