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LINCOLNTON, NC-Piedmont Cos. is unloading all of its residential development business of less than $2 million to concentrate on its commercial and larger residential development core, according to the locally based company.

Iron Horse Auction Co. of Rockingham will be conducting the early June sale of 324 developed residential lots and 270 acres of undeveloped residential land representing a total 28 projects. The dirt is located in Iredell, Catawba, Lincoln, Rowan, McDowell, Gaston and Cleveland counties.

"This sale represents the largest public auction of developed residential lots in the history of this area," Iron Horse Auction chief operating officer Tom Mcinnis says in a prepared statement. "It is a grand opportunity to buy fully developed residential lots at auction prices."

The divestiture is being done at this time because Piedmont officials have decided to focus on the company's larger commercial and residential developments in Phoenix, Atlanta and its South Carolina projects in Myrtle Beach, Charleston and Charlotte, says Piedmont principal William Heafner. "The residential developments [that will be sold] have been excellent investments" for the company, Heafner says.

The properties to be auctioned will be offered first on Iron Horse Auction's website for two weeks. The sales will close at live public auction sites in Lincolnton June 2 and Gastonia June 5.

Instant Insights /

Piedmont To Shed Residential Under $2M

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