Investment
Dowell Commercial has sold all of its listed investment properties. Should you be a buyer of such assets or interested in listing your property, please reach out to DCR for assistance. We have the expertise and market knowledge to perform in both roles.
Gibsonville Square in Minneola Mill @ 108 East Railroad Avenue, Gibsonville (Guilford County)
Value add, industrial / retail, 131K SF for sale with 55% vacancy (as of August 2024). Property includes two termed tenants and is also on the market for lease. Asset to be converted to an investment sale, if leased prior to sale. See property flyers for additional details.
Gibsonville Square 45-73K SF Flyer Industrial Focused
Gibsonville Square 43-73K SF Flyer Retail Focused
SUCCESSES
SOLD 1Q23 (Seller Representation): Industrial (re)Development @ 200 North 13th Street, Erwin (Harnett County)
Turn of the century -1980’s mixed use campus of approx. 1,075,000 SF on 56 acres. In 2016, DCR received this listing after the site sat on the market for numerous years under another professional CRE firm. In 2017, Sean Dowell did a call for offers which resulted in 5+ unacceptable offers. The Erwin mill property had a non-performing test well and generated only cash buyers. The market had spoken. To overcome this issue, ownership embarked on a five year effort for brownsfields with a cost of approx. $4 million dollar. In the meanwhile, the property carried itself with income from 30+ tenants in its leasable 468K SF. This is while 56% and 606K SF of this campus sat vacant due to mixed condition issues. Being proactive in aligning a future redevelopment, DCR both a) leased up this property to full capacity, improving tenant quality where possible, and b) entitled it with the State Historic Preservation Office by getting this property on the NC Study List. In 3Q22, DCR performed a second call for offers highlighting a pending 4Q22 brownsfield approval and an excessive amount of details in an extensive due diligence package. With relevant question answered, this generated numerous acceptable buyer parties and offers. In February 2023, this property sold for $9,500,000.
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.
SOLD 4Q15 (Buyer Representation): Town Center Shopping Center at 231 Burke Street, Gibsonville (Guilford County)
Dowell Commercial Realty worked on behalf of local investors Dave and Chantelle Stoughton to purchase this approx. 32K SF retail shopping center. At the time of sale, this value add asset was part of a larger bankruptcy portfolio and was long vacant. After the sale, Dowell Commercial also aid these investors with city incentives. This property is now leased to anchor Family General and LabCorp.
SOLD 2Q15 (Seller Representation): Revolution Millhouse, Greensboro (Guilford County)
Dowell Commercial Realty represented property ownership of this 180,000 SF national register mill in 2014. This asset was on the market as an investment sale of a 337 unit self storage complex for $1.8 million dollar (a sales price based on NOI from this business). DCR located a reputable, out of market self storage company who contracted this property for $1.6 million dollars in 2014. As this asset was impacted by a chapter 11 disposition case of ownership, this asset could convey to either 1) the note holder / lender (Self Help Credit Union) or 2) be sold to the DCR located purchaser. Settlement of this case was concluded in 1Q/2Q15 and this asset conveyed to the note holder / lender in this chapter 11 case. For more information, see Press: Triad Business Journal Article (April 8, 2015)
SOLD 3Q14 (Mutual Listing Seller / Landlord Representation): 1101 Hamlin Road, Durham (Durham County)
Disposition of an 325,000 SF prior Mitsubishi circuit manufacturing facility converted to R&D industrial space. At time of sale, building was the national corporate headquarters of KBI Biopharma, a 145,000 SF R&D office tenant. During the time Marcus & Millichap were the investment sale listing brokers, Dowell Commercial simultaneously possessed the listing for the leasing of building vacant space (107,350 SF of office / lab space). DCR brought in numerous potential tenants including a serious 10,000+ SF, ten year industrial tenant (with pending growth to 22,500 SF within five years) and a Fortune 500 full vacancy user. Due to the complications of this property being a chapter 11 disposition, leasing at this property was delayed. Overall M&M and DCR worked in conjunction to aid this seller in successful disposition of this investment sale asset.