Land
Land transactions are complicated and specialized in nature. While the adage that value is relative applies to all real estate, this is exceptionally true in a land transaction. The exact same property will have a different financial value for different types of retail users (value based on potential sales volume), an office user (value based on floor area ratio), a multi-family user (value based on per unit count), and so forth. To understand both 1) current value and 2) a best and highest potential value, a broker must understand the spectrum of pricing options by use, the area market (supply and demand), zoning (which controls potential uses), set backs and impervious surfaces requirements (which limits onsite development), among other things. It is highly recommended that anyone looking to lease, purchase, or sell land hire a firm like Dowell Commercial well versed in the many aspects of a land transaction. Please contact us, if you are interested in working with a successful land brokerage team on 1) listing your property or 2) buyer / tenant representation.
Outlined below are DCR land real estate listings. For all of the below listings, Dowell Commercial is a seller or landlord agent. For questions about this agency role, please consult the Working With Real Estate Agents brochure (regarding a sale or lease).
Industrial Land Off Highway 52, King (Stokes County)
Approx. 26 acres of well located land north of Winston Salem. Off exit 123 on Highway 52, this M-1 zoned King land is available at $38K / acre. A detailed dropbox with full information is available upon request.
108 Kates Farm Road, King Flyer
109 – 115 Flemingfield Road, Greensboro (Guilford County)
Approx. 1.71 acre opportunity zone office / retail land site. See nearby site at 123 Elsielee Road.
109 – 115 Flemingfield Road Land Flyer
123 Elsielee Road, Greensboro (Guilford County)
In immediate proximity to the above Flemingfield Road property. This property is an excellent self storage opportunity.
123 Elisee Road, Greensboro Land Flyer
SUCCESS(ES)
SOLD 3Q23 (Seller Representation): Flemingfield Road @ Highway 70, Greensboro (Guilford County)
This 8.46 acre mixed residential land opportunity sold to a townhome developer. It was the third and final demised section of a 60 acre property DCR has listed. Contracted pre-covid and with time for entitlement, this $348K transaction closed in July 2023. Dowell Commercial Realty was the only broker involved in this transaction.
SOLD 1Q23 (Buyer Representation): Land Sale @ Solstice Drive, Statesville (Iredell County)
In August 2021, the North Carolina Housing Finance Agency (NCHFA) awarded financing for 84 units of new construction adjacent to Third Wave Housing’s Retreat at Statesville. This new development will be called the Flats at Statesville. Sean Dowell represented Third Wave Housing as purchaser on this 5.27 acre vacant land purchase. This $675,000 transaction closed in February 2023.
SOLD 1Q23 (Seller Representation): Land Sale @ Yanceyville Street, Greensboro (Guilford County)
Representing The Alexander Company, DCR sold a 2.96 acre site in the heart of Greensboro’s Mill District. While land sales are naturally detailed affairs, this infill site sale had further complications of a greenway easement and a brownsfield agreement. Ultimately all were satisfied and this property sold at the start of January 2023. The purchaser was represented by NAI Piedmont Trad.
SOLD 4Q22 (Buyer Representation): Land Sale @ 1791 Outlet Drive, Selma (Johnston County)
In September 2021, the North Carolina Housing Finance Agency (NCHFA) awarded financing for 84 units of new construction for the Retreat at Selma. This transaction sold for $738,000 in 4Q22. Sean Dowell represented Third Wave Housing as purchaser on this 8.078 acre vacant land purchase. Todd Ewen of L3 Commerical and Marlane Klintworth of MVK Commercial represented the seller.
SOLD 3Q22 (Buyer Representation): Land Sale @ 100 – 102 Steele Street, Gibsonville (Guilford County)
Representing the town of Gibsonville, DCR sourced multiple off market deals in pursuit of a best future civic location. In July 2022, an ideally located 8.04 acre site was purchased for $350,000. The seller was unrepresented.
SOLD 3Q22 (Seller Representation): Land Sale @ Off Flemingfield Road, Greensboro (Guilford County)
In a subdivision of 60 acres and as a second transaction for this seller, DCR sold 8.5 acres to Windsor Homes for $214,500. This land did not have public roadway access, was buried behind multiple creeks, and was purchased as part of a larger subdivision occurring adjacent this area.
SOLD 2Q22 (Seller Representation): Land Sale @ Flemingfield Road & Highway 70, Greensboro (Guilford County)
This 33 acre residential land sale sold for $963,390. It was contracted in 2020 and sold upon successful entitlements. DCR represented the seller while NAI represented purchaser True Homes.
REZONED 1Q22 (Seller Representation): Annexation / Original Zoning @ 4618 Hicone Road, Greensboro (Guilford County)
In order to make a listing more attractive for a sale, Sean Dowell annexed a .71 acre outparcel into Greensboro. This included being the primary lead on neighbor contacts, preparation for all marketing materials, presentation to planning staff, the planning board, and also city council. This strategy works and by 2Q22, this property is contracted for sale to a retail user. For more information on the land asset itself, see the link in the title above.
REZONED 1Q22 (Seller Representation): Rezoning @ Minneola Mill / Gibsonville Square (Guilford County)
DCR worked with Three Floors of Vision in rezoning the newly branded Gibsonville Square redevelopment. This 440K SF industrial asset and 19 adjacent, vacant acres was partially rezoned to a mixed use zoning designation. While portions of this property will always have non-residential uses, other areas of this asset are better served as an expansion of Gibsonville’s downtown and also dense housing.
SOLD 4Q21 (Seller Representation): Land Sale @ Highway 61 @ Highway 70, Gibsonville (Guilford County)
This land site required patience and was a challenged listing. While having a liberal retail zoning and Highway 70 frontage location, this site did not have access to sewer. Working in conjunction with developer Hackett Builders and through local advocacy, DCR was able to aid in a utilities extension and a new denser multi-family zoning designation in Gibsonville’s code. This 19 acre property sold for a class A apartment development in December 2021. Sean Dowell represented the seller and Karen Towery of Keller Williams Realty represented Hackett Builders. For more information on the original property sale, see H61 @ 70, Gibsonville Flyer.
SOLD 4Q21 (Buyer Representation): Sale of Land and Historic Minneola Mill @ 106 Railroad Avenue, Gibsonville (Guilford County)
Dowell Commercial Realty represented developers Third Wave Housing, Core Properties, and their partners on a 381K SF historic purchase. This multi-tenant, turn of the century mill composes 60% of downtown Gibsonville and has 20+ tenants. While it has primarily industrial uses at the time of sale, this value add redevelopment will be repositioned for best and highest uses over multiple years. This purchase also included 17 acres of vacant land adjacent to Gibsonville’s downtown. All in all, this is a second and final purchase of Minneola Mill. In 2019, this group also purchased 58K SF of this mill through DCR. For details on this initial purchase, see its case study.
2Q20 – 3Q20: Covid-19 worldwide shut downs.
SOLD 2Q20 (Buyer Representation): Land Sale @ Business Park Drive, Pittsboro (Chatham County)
In September 2019, the North Carolina Housing Finance Agency (NCHFA) awarded financing for a 48 unit new construction apartment to Third Wave Housing. Sean Dowell represented TWH on this 3.5 acre infill purchase and also aided with entitlement of the asset. Seller represented by Sonya Wagner of Craft Commercial. Land sale of $275K closed in 2Q20.
SOLD 3Q19 (Seller Representation): Land / Lot Sale @ Melmark Subdivision on Apple Street, Burlington (Alamance County)
Representing GC and developer Con-Mech Contractors, DCR sold the 40+ lot Melmark subdivision to builder Wade Jurney Homes. Sale valued at approx. $1,300,000.
SOLD 3Q19 (Buyer Representation): Land Sale @ 502 West Third Street, Siler City (Chatham County)
In August 2018, the North Carolina Housing Finance Agency (NCHFA) awarded financing for a 44 unit adaptive reuse project at the prior Henry Siler School. This dense infill development of 2.36 acres is near Siler City’s downtown and will include new construction around historic bones. Sean Dowell represented Third Wave Housing as purchaser and actively assisted with the donation of this declining asset to TWH. This transaction closed in 3Q19.
SOLD 1Q19 (Buyer Representation): Land Sale @ 1186 4th Street Drive SW, Hickory (Catawba County)
In August 2018, the North Carolina Housing Finance Agency (NCHFA) awarded financing for an 80 unit affordable housing development in Hickory. In 2019, this 11 acre property will be developed into new construction multi-family behind the Hickory Plaza Shopping Center and adjacent Walmart Neighborhood Market. Sean Dowell represented Third Wave Housing as purchaser and Chris Spencer of Realty Executives represented the seller. This $400,000 transaction closed in 1Q19.
REZONED 3Q18: Land @ 3915 Burlington Road, Greensboro (Guilford County)
Dowell Commercial represented Bryant Properties on a second rezoning case. A business expansion of Bryant Hardware required a rezoning of adjacent vacant land for enhanced outside storage uses. This was a downzoning from shopping center to light industrial. This 14 acre rezoning required numerous meetings and concessions to concerned neighbors. This rezoning was ultimately successful with both county staff and neighbor support.
REZONED 2Q18: Land @ 2921 Huffine Mill Road, Gibsonville (Guilford County)
Dowell Commercial represented Bryant Properties in the successful rezoning of 60 acres. Dowell Commercial has both the capacity and experience to do development work on behalf of its clients.
SOLD 1Q17 (Buyer Representation): Land Sale of 2921 Huffine Mill Road, Gibsonville (Guilford County)
Dowell Commercial represented Bryant Properties in the purchase of sixty acres for a single family residential development. Purchase of Guilford County parcel 111766 allows Bryant Properties to expand upon their existing golf course community adjacent to this site. This property was contracted and purchased in 1Q17.
SOLD 4Q15 (Seller Representation): Land Sale of 914 South Fifth Street, Mebane (Alamance County)
As an broker partner to listing firm Born Commercial, DCR participated in the sale of a 2.85 acre retail land site in Mebane. This infill property included a 1,552 SF prior daycare, which added little value to the transaction and whose value was not ultimately included in the sales price. At time of sale, this property was within a mile of 400,000 SF of retail users (Tanger Factory Outlets, Walmart Supercenter, Mebane Oaks Village Shopping Center) and Mebane’s primary medical facilities. Traffic counts of 10,000 – 15,000 VPD per 2011 NC DOT maps. Land is to be developed into a 30 room, higher end hospitality project. Developer / owner also owns the Acorn Inn in Elon. For more information on this sold asset, see Kiddie Care Mebane Flyer.
SOLD 1Q15 (Buyer Representation): Land Sale of Solstice Drive @ N. Pointe Boulevard Land Development, Statesville (Iredell County)
Dowell Commercial Realty represented Sari & Associates NC, LLC in the purchase of 5.25 acres of land for a new construction multi-family complex in Statesville. Sale was contracted 1Q14 and closed 1Q15.
SOLD 2Q14 (Seller Representation): Land Sale of 1601 Yanceyville Street, Greensboro (Guilford County)
Unique, 17 acre infill land opportunity near Wendover Avenue, north of downtown Greensboro, and near Moses Cone Hospital. Ken Born (of Born Commercial) and Sean Dowell (of Dowell Commercial) worked with property ownership as listing brokers. By late 2015, the onsite 160,000 SF industrial asset was demolished to clear this site for other best and highest uses. For more information on the original property sale, see the Olympic Mill Property Flyer.