I-840 @ Highway 70 Greensboro NC Opportunity

Assembled by Sean DowellDowell Commercial Realty

Office: (336) 378-5067Cell: (919) 924-4137

sean@dowellcommercial.comwww.dowellcommercial.com

Executive Summary

Executive SummarySee the assembled information on a compelling North Carolina land opportunities:• NC is the US’s 9th largest state, which

continues to see growth.• Located in North Carolina’s third largest

city (Greensboro) as well as the Triad metro. The Triad metro is the 33rd

largest CSA in the US.• Low vacancy, strong market conditions. • Opportunity zone. Census Tract

37081012803 and/or 0128.03.• Potential 50+ acre assemblage,

numerous smaller sites, as well as on and off market properties.

• Well located at the newly built I-840 loop. Significant transportation improvements underway and pending.

• Current and future mixed product area, with utilities, and already underway development.

Opportunity Zone Details• Sites in the presentations are in census Tract

37081012803 or 0128.03.

• For additional details about Greensboro’s opportunity zones, see https://www.greensboro-nc.gov/business/economic-development-business-support/opportunity-zones

Site

Area Information

Greensboro’s Urban Loop

Site

Details available at https://www.ncdot.gov/projects/greensboro-urban-loop/Pages/default.aspx

Per Dec 2019 local news, “The entire 5.3-mile section between Lawndale Drive and U.S. 29 is expected to open in late 2021 or early 2022, weather permitting.” This impactful roadway is almost complete. More info at

https://myfox8.com/news/new-section-of-greensboro-urban-loop-opens/

Future Use ZoningThis is a future mixed product area by zoning. Excellent

opportunity for a mixed use development.

For more information, see https://www.greensboro-nc.gov/departments/planning/planit-gso

Site

UtilitiesArea has existing water and sewer lines. Property is in Growth Tier one for Greensboro, which gets the highest priority for service.

For additional details, see https://www.greensboro-nc.gov/departments/planning/learn-more-about/development-plan-review/water-sewer-development-process

NC DOT Traffic Counts (2018)Today commuter traffic is primarily between the city and residents in bedroom communities / the county. Access to this area is improved with the pending completion of the Urban Loop.

Site

Natural Buffers & Boundaries

Area Map & Local Context

GTCC

NFI Industries

Available Sites Retail

<- Rail Line ->

I-840

Impactful Infrastructure: The Burlington Road / Highway 70 / Wendover Avenue corridor was busy before the construction of I-840. The newly built I-840 loop road is bringing better access and additional traffic into this Greensboro growth area. To further aid with this access, Burlington Road east of the I-840 bypass is today being expanded. Directly around available sites multiple new signalized intersections were installed in 2019. The rail line south of Burlington Road is active today and is also the future high speed line between Charlotte and Raleigh.

Guilford Technical Community College (GTCC): Established in 2005, the GTCC Greensboro campus covers 76 acres and serves 4,000 students each semester. The campus is also home to a nationally ranked Middle College High School that has recently been recognized by Newsweek as a Top High School in America. More details at https://www.usnews.com/education/best-high-schools/north-carolina/districts/guilford-county-schools/uncg-early-middle-college-144863 or https://www.gtcc.edu/about/campuses/greensboro.php

Burlington Road / Highway 70

Area Map & Local Context (continued)Industrial Activity: NFI Industries at 300 Penny Road is the second largest industrial building in the Triad region at 1.6 million square feet. This sold for $44.75 million dollars or $27.97 SF in 2019. www.nfiindustries.com The adjacent 65 acres of land sold May 2019 for $4,500,000 to Greensboro Land Development Partners OZ LLC (8155-8). This is $69,231 / acre. East of the Greensboro bypass is the pending Publix distribution campus. Phase one is today under construction, will cost $300 million dollars, and is 1.1 million SF. Delivery is anticipated in 2022. Per local press, the entire Publix campus will include phase one (1.1-million-square-foot refrigerated warehouse), a 120,000-square-foot food manufacturing facility, a 1.3-million-square-foot dry warehouse, along with parking and staging areas for tractor trailers, parking for associates, and additional support buildings. https://www.andnowuknow.com/quick-dish/publixs-400-million-distribution-center-gets-green-light/maggie-mead/63879\ The Publix eight tract land buy was 380 acres for $28,500,000 in October 2018. This is $83,824 / acre.

Retail Growth: Greensboro retail developer Kotis Properties plans for a retail center on their 21+ acre I-840 @ 70 corner location. More information at www.kotis.org. To start this development, Kotis Properties leased and sold the Sheetz at signalized Willowlake Road @ Burlington Road. This investment property sold for $2.2 million dollars in December 2019 (8232-2516). Please note that while this land could be available for sale or lease, it is outside of the opportunity zone identified in this document. In the opp zone, Bryant Properties sold two acres at the Flemingfield Rd @ 70 corner to owner / user Guilford County Farm Bureau. This was a land sale in 4/2019 at $200,000 / acre (8145-1636). The Greensboro Auto Center at 3800 Burlington Road was purchased as 12.595 vacant acres on 3/2017 for $1,150,000 (7912-2795). This is $91,306 / acre.

Single Family Development: Multiple new subdivisions are in the works today. One example of this is the 6/2019 sale of 136 Elislee Road to Oferrell LLC. This LLC is composed of established Greensboro single family developers whom purchased this 21 acre site for $385,000 (8163-762). This is a per acre sale of $18,333 / acre. Generally, single family subdivisions are not identified in this document. This is only mentioned to note there is a trend to add additional rooftops in this area.

Market ConditionsFor more information on this market, see http://www.piedmonttriadnc.com/

Market Health

Market Health

Historical Market Data

The City of Greensboro did a market study of changes from 2000 to 2018. This was completed in February 2018 and is available at https://www.greensboro-nc.gov/home/showdocument?id=37021

Multi-Family Market Health

Graph below from Real Index at www.aptindex.com

Parcel DetailsGIS System is at http://gis.guilfordcountync.gov/guilfordjs/

Available Site: Allen Property

Approx. 50+ acres. Highlighted to the right and also parcel 115006, etc.

The “back” approx. 30 acres are available at $35,000 / acre. The frontage approx. 20 acres have been held to date until the “back” area is sold or developed. This front 20 acres is at a signalized intersection and is a potential mixed use / retail development. This entire asset could be available today if a retail sales price were offered on this frontage land.

Property is future mixed use commercial, per the comprehensive plan.

Property is listed by Dowell Commercial Realty, whom assembled this package. More information is available at www.dowellcommercial.com

AnnacoreProperties

Allen Property

Neighboring Site: Annacore

Properties LLC

Approx. 44 acres. This property is not on the market but could be available.

Owner Annacore Properties LLC has assembled these properties one at a time over multiple years. Ownership’s ultimate goal was an impactful, larger mixed use development.

If it aid their development, this seller would consider cross access with the Allen property per 2019 discussion.

Allen Property

Neighboring Site: Sanders Property

Off market 7.69 acre property.

Ownership has kin living at this onsite house but understand the existing onsite old home has limited value.

Approached about cross access and sale with the Allen property. They are interested in a potential sale. Property is unlisted.

Broker InformationMore information is available at www.dowellcommercial.com

Broker Bio: Sean Dowell

Mr. Dowell began his real estate career with global commercial real estate firm Cushman & Wakefield (C&W) in 2004. In late 2007, MrDowell was promoted to C&W regional head and primary point of worldwide contact for the Triad metropolitan statistical area (Greensboro, Winston Salem, High Point). At the time of MrDowell’s employment, C&W had 13,000 worldwide employees, 230+ offices, and locations in 58 countries. In the Triad region, he worked primarily on corporate services accounts on office, industrial, and investment transactions. Mr. Dowell was active in this role until early 2011 when C&W closed their operations in the Triad market after splitting with Commercial Carolina Corp. (CCC), their then NC affiliate. As of 2011, Mr. Dowell had completed $21,500,000+ in transactions totaling 1,150,000+ SF. From early 2011 onward Mr. Dowell continued to work as the Triad regional head for CCC until in 3Q13 he started Dowell Commercial Realty. Since 2015, Mr. Dowell has had an active focus on land development, transformative non-metro infill properties, and also historic transactions across the state of North Carolina As of 2019, Mr Dowell completed sales and leasing assignments in excess of $135,000,000 in transactions totaling over 4.37 million square feet. This is over $113,000,000+ in transactions in an eight year period and as an independent broker.Mr. Dowell was raised in the Triangle area and graduated from Athens Drive High School in Raleigh in 1994. He attended and graduated from Appalachian State University (Boone, NC) in 2000 with two diplomas: a Bachelor of Arts in English and a Bachelor of Science in English, Secondary Education. From 2000 until transitioning into real estate in 2004, he was a school teacher in Greensboro and High Point, NC. Civically, Mr. Dowell is an active Board of Directors member for the Gibsonville Museum and Historical Society, Inc., the Chair of Gibsonville’s Development Advisory Committee, and is on the Guilford County Historic Preservation Commission. Both professionally and personally, he is juggler. He currently lives near Burlington and enjoys the personal and professional benefits of living between two dynamic regional areas.

Contact information is below:

Direct – (336) 378-5067Cell - (919) 924-4137Fax – (336) 378-5066sean@dowellcommercial.comwww.dowellcommercial.com