Hillsborough aestheticians and salon service providers will soon have a locally-owned option for where they can operate their small business in a space that offers upscale value, support, and collaboration. Local entrepreneurs Chad and Lauren Wilkins recently purchased a 2,262 square foot commercial building that sits on a 2.25-acre property at 516 Valley Forge Road in Hillsborough. The property will be home to Elevate Lounge and Suites, which will lease private, equipped spaces to salon service providers so they can run their own independent businesses. Pickett Sprouse Commercial Real Estate Broker Anna Jenkins represented the Wilkins family in purchasing the property. Pickett Sprouse Brokers Emilee Collins, CCIM and Matthew Morton represented the property owner in the sale.
The site has convenient access to both I-85 and I-40 and will feature a coffee bar, a lounge, and common workspaces in addition to the individual suites. Those suites will be leased to professionals such as cosmetologists, massage therapists, and those providing medical spa treatments.
Hillsborough natives Chad and Lauren are experienced young entrepreneurs who already own and operate Wilkins Woodworks and Renovations in Mebane. They wanted to begin investing in commercial property as a way to achieve their long-term financial goals while also supporting their local community.
“The salon suites model is a great fit for us because it checks off many of our boxes when it comes to what we want to accomplish,” said Chad Wilkins. “This is a time when many people are starting to transition from the corporate world to working for themselves. We know what they are having to juggle as small business owners, and we want to help ease their burden a bit by providing an elevated but affordable and inviting space that they can personalize to fit their own unique business. We have always been committed to giving back to our community, and this is yet another way that we can do that.”
Chad and Lauren’s journey to investing in commercial property began with a lunch and learn event hosted at Pickett Sprouse by Anna Jenkins and Carrie Loring, Vice President and Business Development Officer at Fidelity Bank in Durham, who is a business lender.
“This was the ideal investment property for Chad and Lauren because it is a free-standing building with flexible zoning that allows for a wide variety of retail and office uses and offers expansion possibilities due to the size of the lot,” said Anna. “Chad was looking for an investment that would have long term value and the free-standing aspect of the property is very attractive to buyers and tenants. Their business is going to have such a positive domino effect for so many other local small business owners, and I’m honored to have been part of that process.”
Carrie Loring says Chad and Lauren began working with her at exactly the right time—just as they were beginning the startup process for wanting to invest in commercial property and for starting their business.
“Working with Chad and his family has been an absolute pleasure,” said Carrie. “It’s so important for small businesses to have a good banker working with them because we can provide personalized service that fits both their business and personal goals. We truly get to be a partner in their business and make an impact in our communities at the same time.”
Chad and his team will spend the next month renovating the building and will begin securing leases in May. Elevate Lounge and Suites is expected to open in early-to-mid-summer.