Carter and Front Street Capital, with the support of Wake Forest, have acquired the Best Western Plus property at 3050 University Parkway, adjacent to The Grounds, the 100-acre mixed-use development next to Allegacy Stadium. The $8.75M deal, according to Forsyth County Tax Department records, closes June 4, 2026. The ownership group is evaluating potential redevelopment plans in the meantime.
The Best Western Plus, built in 1997, experienced years of declining occupancy and revenue performance before being publicly listed for sale. The 5.54-acre property sits on the Wake Forest campus-side of University Parkway. The Grounds is being built on the opposite side of the road, adjacent to Deacon Blvd., the football stadium and Lawrence Joel Memorial Coliseum. The $200M-plus first phase is set for a Fall 2027 delivery.
The Grounds, designed by Nelson Worldwide and built by Brasfield-Gorrie, is currently under construction and will include a 42,000-square-foot retail village featuring restaurants and bars; a 127,000-square-foot office building; more than 200 residences across several buildings; multi-use trails; and public gathering spaces. Vertical construction of the office building, whose main tenant will be the university, is underway. The residential buildings are even further along. The development is projected to drive more than $1.3B in total business sales in its first decade of construction and operations.
The Best Western property deal follows Atrium Health Wake Forest Baptist’s acquisition of the former Flow Honda service property on University Parkway for development of a new $33M emergency department -- another major reinvestment project signaling confidence in the area’s future.
