LAND
378 sutton creek rd: PISGAH FOREST, NC
This was a unique opportunity to acquire pristine acreage bordering Pisgah National Forest at Sandy Gap. Over 430 acres rising to 3,200' in elevation, the property offers stunning, long range views of Transylvania County. An additional selling feature was its location, just 7 miles from the town of Brevard and only 1/2 mile from Hwy 280. The property was ultimately purchased by an out-of-state investor as part of his long term estate planning. G/M represented the Seller, achieving one of the highest prices per acre in the county's history for transactions over 200 acres.
LOCATION: Pisgah Forest, NC
SALE PRICE: $3,750,000
ZONING: None
LAND AREA: 432 acres
PRICE/LAND SQFT: $0.20
SELLER: Sandy Gap Cove, LLC
CLOSING ISSUES: 1031 Exchange (buyer & seller timing)
38 Tunnel Road: Asheville, NC
The property was subdivided from excess land serving a motel operated by the Seller. Buyer required site plan approval prior to closing to build a Panda Express restaurant. Representing the Seller, G/M Property Group, LLC advised its client on the subdivision of the land, handled issues related to the existing mortgage, and navigated the transaction through a myriad of land issues ranging from contamination from a former gas station, access to public utilities, new easement agreements serving the subdivided parcels to removing an old ground lease encumbering a portion of the site yet impacting the conveyance of clear title.
LOCATION: Asheville, NC
SALE PRICE: $1,100,000
ZONING: Regional Business
LAND AREA: 0.87 acres
PRICE/LAND SQFT: $29.03
SELLER: B.V.M. Group, LLC
CLOSING ISSUES: Environmental contamination / UST removal / Unmarked underground utilities / Cross easement agreement / Access to public sewer / Subdivision of land requiring lender approval / Ground lease termination / Billboard right of first refusal
10 Newbridge Parkway: ASHEVILLE, NC
G/M Property Group, LLC was able to attract an out of town 1031 buyer to acquire three parcels for the development of a large-scale multifamily community. Plans called for the adaptive reuse of an existing industrial building into a 7,000 SQFT fitness center, over 300 apartment units (1 to 3 bedrooms) and a resort-style swimming pool with outdoor kitchen. The property benefits from direct access immediately off I-26 Exit 23.
LOCATION: Asheville, NC
SALE PRICE: $5,000,000
ZONING: CS- Community Shopping
LAND AREA: 20.2 acres
PRICE/LAND SQFT: $5.68
SELLER: Coleman Development Group, LLC
CLOSING ISSUES: 1031 exchange timing / Environmental concerns (adjacent former landfill) / Zoning / Utilities and site plan approval
Rhoades Estate: Asheville, NC
At the time, this land sale represented just over 7% of the total acreage in Woodfin, NC. The 191-acre tract offered long range views of the Great Smoky Mountains National Park and the French Broad River, creating an exceptional residential development opportunity only minutes from downtown Asheville. Issues included low density zoning (one house/acre), no public water/sewer connections available to the site, and proximity to a closed county landfill and a correctional facility. Post closing, Buyer successfully lobbied for increased density and was able to provide public utilities to the site.
LOCATION: Woodfin, NC
SALE PRICE: $1,240,000
ZONING: R-40
LAND AREA: 191 acres
PRICE/LAND SQFT: $0.15
SELLER: Estate of Verne & William Rhoades
CLOSING ISSUES: Zoning / Lack of public utilities / Environmental concerns
SC HWY 290 & Shoals Road: Duncan, SC
SC Hwy 290 is one of Spartanburg County’s fastest growing commercial corridors. The property comprised 4 parcels adjacent to Florence Chapel Middle School. Located just 2.5 miles from I-85 with frontage on SC Hwy 290, the property was acquired in less than 6 months from listing by a multifamily developer.
LOCATION: Duncan, SC
SALE PRICE: $895,000
ZONING: None
LAND AREA: 17.14 acres
PRICE/LAND SQFT: $1.20
SELLER: Home Trust Bank
CLOSING ISSUES: Site plan approval
460 Weaverville Highway: Woodfin, NC
The subject property presented an exceptional commercial development opportunity along the I-26 corridor, which had just been upgraded from US Hwy 19/23. The site had been in family hands for over a century with an existing historic home having been abandoned. Tremendous public attention over saving the home challenged the marketing program’s focus on the commercial development potential. The buyer was successful in relocating the home, quelling public concerns over its possible demolition.
LOCATION: I-26 Exit 21, Woodfin, NC
SALE PRICE: $1,120,000
ZONING: Community Shopping
LAND AREA: 5.76 acres
PRICE/LAND SQFT: $4.46
SELLER: Estate of Gladys Ward Buckner
CLOSING ISSUES: Estate of Gladys Ward Buckner / Estate sale with heir complications / Historic home situated on-site / Sale subject to court approval
Rarity Oaks Subdivision: Oak Ridge, TN
The sale included a partially completed subdivision with 70 lots and 168 acres of excess land for future development. The city would not grant site plan approval to complete the subdivision without the developer posting significant performance bonds. Due diligence revealed much of the utility infrastructure was incomplete, untested and would not meet the current building code, thereby decreasing the value of existing improvements dramatically.
LOCATION: Oak Ridge, TN
SALE PRICE: $500,000
ZONING: R-1 Roane County
LAND AREA: 220 acres
PRICE/LAND SQFT: $0.052
SELLER: HomeTrust Bank
CLOSING ISSUES: Incomplete infrastructure / City performance bonds
185 Coxe Avenue: Asheville, NC
The property had been family-owned for generations yielding very reluctant sellers. The buyer, already an active multifamily developer in Asheville’s burgeoning South Slope district, hired G/M Property Group, LLC to pursue the acquisition. After months of delicate negotiations a sale was consummated, yielding one of the district’s most desirable mixed-use development sites. The site is now part of a 5.2 acre assemblage with plans to construction a mixed-use development including 541 residential units.
LOCATION: Asheville, NC
SALE PRICE: $2,050,000
ZONING: CBD (Central Business District)
LAND AREA: 1.72 acres
PRICE/LAND SQFT: $27.36
SELLER: Ledford Family
CLOSING ISSUES: Underground stream / Adjacent environmental contamination / Title
2311 Asheville Highway: Hendersonville NC
Engaged by Asheville Eye Associates to secure a Hendersonville, NC location, G/M Property Group, LLC handled the negotiation and coordinated the entire due diligence efforts on behalf of the practice. The parcel was carved off from the Seller’s parent tract and involved solving a plethora of issues in order to create a separate development pad. The practice constructed a state-of-the-art 10,381 square foot medical facility.
LOCATION: Hendersonville, NC
SALE PRICE: $945,000
ZONING: C-3 & C-3SU
LAND AREA: 1.65 acres
PRICE/LAND SQFT: $13.15
SELLER: Griffin Gate Properties, LLC
CLOSING ISSUES: Split zoning / Property subdivision / Seller warranty on stormwater systems / Concerns over sink hole potential / Cross easements for secondary ingress & egress / NC DOT driveway approval
127 Weaverville Road: Woodfin, NC
This was a former gas station being sold as a development pad off I-26 Exit 23. It is situated at the entrance to Reynolds Village, an urban mixed used community. The speculative Buyer required extensive examinations to analyze the soil stability and cost of installing significant retaining walls. The useable acreage is impacted due to storm water systems, right-of-ways, topography and irregular shape, nevertheless yields an exceptional commercial development site.
LOCATION: Woodfin, NC
SALE PRICE: $415,000
ZONING: CS – Community Shopping
LAND AREA: 1.6 acres
PRICE/LAND SQFT: $5.95
SELLER: Metropolis of Asheville, LLC
CLOSING ISSUES: Title requiring a corrective deed / Topography / Retaining wall estimates / Underground storm water utilities / Shared right-of-way with adj business park
81 Charlotte Street: Asheville, NC
Situated off I-240 Exit 5B, this 2.2 acre site is one of the last large tracts of undeveloped land in downtown Asheville. However it was encumbered with a long term, below market rent to a local grocer, Ingles Markets, Inc. The intrinsic land value far exceeded the net present value based on the future lease payments, presenting a marketing challenge in order to maximize the value for our client, the Seller. After months of negotiations, we successfully brokered a sale with the ground lessee, driving a below market internal rate of return yielding a net present value to the Seller that was closer to market value, yet still offering the Buyer tremendous upside at the selling price.
LOCATION: Asheville, NC
SALE PRICE: $2,300,000
ZONING: Commercial Business II
LAND AREA: 2.2 acres
PRICE/LAND SQFT: $24.00
SELLER: Sethi-2 Properties, LLC
CLOSING ISSUES: Existing long term ground lease
Gorges At Lake Toxoway: Lake Toxaway, NC
HomeTrust Bank foreclosed on a gorgeous tract of land overlooking the Gorges State Park in Transylvania County. The prior owner contested the bank’s rights to ownership post foreclosure, creating an adversarial situation during our marketing of the property. The intention was to develop 27 residential lots on the perimeter and keep 44.4 acres designated as a conservation easement containing waterfalls and walking paths. The county initially had the property assessed for over $7,000,000 which was an issue for prospective buyers. G/M Property Group worked with the county and seller to reduce the assessment inline with market conditions. Due to an oversupply of high-end residential lots in this area of Western North Carolina, market demand was very low. Initial reports indicated several lots would not percolate for septic fields using traditional methods. The result was a distressed sale with the bank significantly discounting the value in order to move the asset of their books.
LOCATION: Lake Toxaway, NC
SALE PRICE: $575,000
ZONING: None
LAND AREA: 91.3 acres
PRICE/LAND SQFT: $0.15
SELLER: HomeTrust Bank
CLOSING ISSUES: Inflated property tax assessments / Soil suitability for private septic / Conservation easement / Foreclosure proceedings
long shoals rd @ overlook: asheville, nc
G/M Property Group, LLC was able to assemble five parcels and attract a developer/builder/end-user to purchase these properties. This development will feature a three-level, 180,000SF age restricted community with 130 units. An outparcel was carved out and will be developed into a medical office building. The property benefits from being located at the corner of Long Shoals and Overlook Extension and nearby to Biltmore Park.
LOCATION: Asheville, NC
SALE PRICE: $4,735,640
ZONING: CBII (Community Business 2)
LAND AREA: 7.03 acres
PRICE/LAND SQFT: $15.46
SELLER: Multiple (5) sellers
CLOSING ISSUES: Multiple sellers / Abandonment of DOT right of way / Abandonment of utility easements / City of Asheville City Council approval / Planning and zoning approval / Creation of CC&R documents / Creation of cross user agreements / Carving out of an outparcel
Green River Run: Mill Spring, NC
The property comprised two tracts of land in Polk County with over a mile of frontage along the Green River. The buyer discovered title issues stemming from a prior bank foreclosure. The main entrance also lacked easements across third party private roads putting into question legal access. The buyer was able to eventually obtain title insurance as we worked to resolve these issues on behalf of the seller. The property was later placed into a conservation easement, preserving pristine land with access to the Green River.
LOCATION: Mill Spring, NC
SALE PRICE: $1,375,000
ZONING: None
LAND AREA: 586 acres
PRICE/LAND SQFT: $0.054
SELLER: HomeTrust Bancshares, Inc.
CLOSING ISSUES: Title issues / Unsatisfied liens / Access, missing right-of-ways over private / 3rd party roads