Real Estate - Commercial

More Than 5,000 Acres Sold To Timber Investors

By Cece Nunn, posted Feb 20, 2020
Corbett Industries Inc. sold more than 5,000 acres in five counties, including Pender County (shown above). (Photo courtesy of Jason Windham)

A timber investment firm recently purchased thousands of acres in five counties from Corbett Industries Inc., a broker said Wednesday.

The sale, which closed Feb. 11, encompassed 5,154 acres of timberland in an 18-tract portfolio, mainly in Pender and Duplin counties, but also in Brunswick, Columbus and Bladen counties.

The buyers were Georgia-based Cat Tail LLC and Zibelin LLC, represented by Advance Land and Timber LLC of Lexington, South Carolina.

They paid more than $7.3 million for the property.

“They [the 5,154 acres] don’t have a current ancillary value in our minds other than a timber or recreational type of investment,” said Jason Windham, broker with Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co. "The tracts that made up this sale were comprised mainly of managed pine plantations, and have been that way for many years."

Corbett Industries Inc. has retained and continues to market more than 10,000 acres (of the 17,000 put up for sale in 2018) throughout southeastern North Carolina that company officials consider to have significant development potential, Windham said.

Since 2018, the firm had sold 2,100 other acres of timberland throughout Pender, Duplin, Brunswick and Bladen counties before the 18-tract portfolio was put together.

And Corbett Industries still has a large amount of land in New Hanover County up for sale.

"We have 840-acre property, known as the Gore Tract, in northern New Hanover County that obviously has a tremendous amount of development potential between I-140 and Sidbury Road," Windham said.

That property has garnered a lot of interest.

"I think a developer is going to have to work hand-in-hand with CFPUA, county planners and county leaders on infrastructure [water and sewer mainly] and funding for that infrastructure in the northern part of the county," Windham said.

Teddy Davis, the president of Corbett Industries, said Wednesday, "On behalf of Corbett Industries, we are incredibly grateful for the hard work and wonderful job that Jason Windham has done."

Ico insights



Leadership Is Getting From Knowing To Doing

Ron Hewett - Academy Leadership
Drewsmith copiersplus headshot

Keeping Your Office Equipment Sanitized

Drew Smith - Copiers Plus
Dave sweyer 300 x 300

Your Guide To Hiring The Right Professional Property Management Company

Dave Sweyer - Sweyer Property Management

Trending News

New Tenants Announced For Military Cutoff Development

Cece Nunn - Mar 30, 2020

CastleBranch Buys Its HQ In Joint Venture

Cece Nunn - Apr 1, 2020

NHMRC Seeing Cash Crunch Over Coronavirus

Vicky Janowski - Mar 31, 2020

Local Businesses Respond To Stay At Home Orders

Christina Haley O'Neal - Mar 30, 2020

South Beach Grill, Sweet N Savory Adapt

Jessica Maurer - Apr 1, 2020

In The Current Issue

Homes Popular In S. Brunswick Towns

Before drastic measures were introduced in an effort to slow the spread of the highly contagious virus, sales in Brunswick County were thriv...

Viral Void

The coronavirus concerns bring Cape Fear region to a standstill....

MADE: Hooking The Fishing Market

Eastern Metal Works Inc. is a wholesale manufacturer that designs, develops and makes marine tools and equipment for recreational and commer...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`