Front Street Capital Adds to Land Holdings for Future Development

Front Street Capital, a leading Winston-Salem private equity firm and developer, recently announced the acquisition of a former golf driving range property for further industrial development in the area.

The properties, located at 4005 and 4015 Wallburg Road in Winston-Salem, encompass a total of 30.21 acres and were previously occupied by the Union Cross Golf Center. Front Street-Wallburg LLC, an affiliate of Front Street Capital, acquired the land for $2.7 million.

“This strategic acquisition aligns with our ongoing commitment to invest in Winston-Salem’s industrial real estate market,” said Coleman Team, partner at Front Street Capital. “The property’s location and size make it ideal for development, and we look forward to creating a space that will serve the needs of the growing industrial sector in our city.”

Industrial Development Poised to Meet Growing Demand

The acquisition comes amid a surge in demand for industrial space in Winston-Salem and surrounding areas. The Triad Business Journal recently reported that the vacancy rate for industrial properties in the region is at a historic low, prompting developers to invest in new construction projects.

Front Street Capital has a proven track record of success in developing industrial properties in Winston-Salem. The company’s investment in the former Union Cross Golf Course property is expected to contribute to the continued growth of the city’s industrial sector.

History of Industrial Development in the Area

In fall of 2019, Front Street Capital purchased 100 acres of land nearby, east of Wallburg Road, for $4.8 million, which it has since developed. The company built a 610,000-square-foot distribution facility on 4501 Wallburg Road for Ardagh Group and a 250,000-square-foot spec building across the street, which has since been leased.

In January of 2023, Front Street Capital purchased 72.6 acres in Union Cross Industrial Park for $8 million and is currently constructing a 520,000-square-foot building for Ziehl Abegg, a German manufacturer of ventilation systems. They recently finished a 144,000-square-foot spec building across from that facility as well.

“We are currently focused on completing these two facilities,” said Team. “Our future development plans will depend on market trends, particularly interest rates, which may impact future projects.”

While Front Street Capital does not have finalized plans for the property yet, Coleman Team, co-founder and general partner with the company, expects it to be a future industrial development given its proximity to the company’s existing assets nearby.