Wake Forest’s iconic sports and entertainment destination, The Factory, has entered a new chapter under local ownership. The 210,000-square-foot campus has been acquired by The Factory Property, LLC, an affiliate of Bluestone Real Estate Investments, led by Wake Forest residents Kevin Neshat, Managing Director of Bluestone, and his strategic partner, Gary Lyons of The Factory Property, LLC.
For both owners, the purchase is deeply personal. Neshat has been part of the Wake Forest community since opening his first dental office, Nu Image Surgical & Dental Implant Center, in 2002, while Lyons’ roots date back to 1998, specializing in the marketing and acquisition of investment properties. Together, they recognize The Factory’s unique strength: its ability to serve a wide spectrum of visitors, from youth sports families and ice hockey enthusiasts to diners, shoppers, and community groups.
“Our focus is to create a clean, welcoming environment where anyone can walk through the doors and feel comfortable,” Neshat said. “There is so much opportunity to beautify the space and make small improvements that elevate the overall experience.”
Currently 99.75% occupied, the campus welcomes more than 600,000 visitors annually, with guests spending an average of 90 minutes per visit, according to a recent Placer.ai study. This sustained visitation generates meaningful economic activity for tenants, increases local spending, and strengthens tax revenue that benefits the broader Wake Forest community.
Lyons believes the fundamentals are strong and the potential even greater. “This is a wonderful opportunity to take something that’s already good and make it truly special,” he said.
A collaborative tenant culture is central to their vision. Neshat and Lyons view the businesses across the campus as partners in a shared ecosystem: when tenants succeed, the property succeeds. They also plan to expand events and community programming to ensure there is truly something for everyone in Wake Forest.
Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP), said this transition represents more than a property sale — it reflects long-term confidence in Wake Forest’s growth and vitality.
“This investment signals strong belief in Wake Forest’s future,” Cannon said. “The Factory is a cornerstone asset for our community, and this next chapter of local ownership and reinvestment will strengthen its role as both an economic driver and destination for years to come.”
The team is exploring ways technology can enhance the visitor experience while strengthening The Factory’s role as a regional hub for recreation and gathering. Long term, their goal is clear, thoughtful stewardship that builds on the property’s history and creates lasting impact.
“The Factory is more than a building, it’s a gathering place,” Neshat said. “We want to create a legacy in Wake Forest that will serve generations.” As enhancements and expanded programming opportunities take shape, residents and visitors alike are encouraged to stay tuned for what’s ahead at The Factory.
