Print
Real Estate - Residential

In Pender County, More Than 1,000 Acres Sold To Homebuilder, Partners

By Cece Nunn, posted Jun 10, 2021
McAdams Homes and partners recently bought 612 acres on Island Creek Road in Pender County. (Map courtesy of Glenn Imboden)
A local homebuilder recently bought more than 1,000 acres in Pender County with an eye toward future development.

Wilmington-based McAdams Homes and partners bought 612 acres on Island Creek Road for $5.8 million and 411 acres on Sidbury Road in Scotts Hill for $6 million.

The sellers were entities controlled by Jim Teachey. 

McAdams Homes also bought 130 acres in the same area in December last year and 30 acres off Country Club Road in Hampstead in early May.

Adam Sosne, who owns McAdams Homes with Joe McKinney, said they don't plan to rush into the Scotts Hill land's development.

“The last thing you want to do is just dump a bunch of lots all at one time and have it be all the same,” Sosne said. “Our investments were geared toward, on those two tracks specifically, more of a longer-term approach.

“We want to see how things progress, where the needs are, and obviously market conditions and what the market dictates. And then we'll put our plan together from there.”

Sosne has said he envisions his company building up to 5,000 homes in southern Pender County over the next decade.

The plan for the latest purchases could include a large master-planned development like neighboring Blake Farm, a 1,300-acre, mixed-use project planned by a separate developer.

For the McAdams Homes land, the future could also include a school.

“We have spoken to Pender County about potentially helping them with their future needs, whether or not that’s a school or school sites,” Sosne said.

But for now, for McAdams Homes’ holdings in Scotts Hill, the firm is focusing on Silo Ridge, a 75-acre community with 315 lots for homes and townhomes. Silo Ridge is about a quarter mile from U.S. 17 on Sidbury Road, also next to the Blake Farm site.

Sosne said he expects to break ground on Silo Ridge in the fourth quarter of this year and start building homes in the first quarter of next year. 

For the 612- and 411-acre sales, brokers Glenn Imboden and Allan Fox of Wilmington-based Coldwell Banker Commercial Sun Coast Partners represented the seller. They represented McAdams Homes in the company's Hampstead purchase in May.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Drewsmith copiersplus headshot

It’s 2021, There’s Got To Be A Better Way…

Drew Smith - Copiers Plus
Jeremytomlinson enfuse headshot

These Are The Threats To Worry About

Jeremy Tomlinson - Enfuse Technology Solutions
Mikeharrington carolinaretreats 2

Vacation Rental Pricing Strategy: 3 Steps To Early Success

Mike Harrington - Carolina Retreats

Trending News

Airport Authority Votes Out ILM Director Julie Wilsey

Christina Haley O'Neal - Jun 10, 2021

In Pender County, More Than 1,000 Acres Sold To Homebuilder, Partners

Cece Nunn - Jun 10, 2021

Officials Name Interim Airport Director, Form Search Committee

Cece Nunn and Christina Haley O'Neal - Jun 11, 2021

Corbett Package Co. Officials Mull Next Steps For Former Milling Site

Christina Haley O'Neal - Jun 11, 2021

Wilmington-based Real Estate Firm Opening Office In Hampstead

Cece Nunn - Jun 11, 2021

In The Current Issue

Apple News Could Bear Local Fruit

There are several areas in which Apple and its announcement of a company location in Wake County could impact the Cape Fear region....


A Storm Of Preparation

While the term ‘’infrastructure improvements” may bring to mind images of bridge construction and road repair, the concept is at the heart o...


Leapfrog Group Awards Area Hospital Safety Scores

The Leapfrog Group recently gave Novant Health Brunswick Medical Center an A letter grade in its spring hospital safety grades. New Hanover...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100