Front Street Capital, the Winston-Salem commercial real estate firm that has built more than 2.15 million square feet over the past five years, is now pursuing an 850-acre master-planned industrial park in Lexington that could eventually hold around 8.4 million square feet of warehouse and manufacturing space. The push comes as the company, led by president and managing partner Coleman Team, continues work on several of the Triad's largest active developments, including the mixed-use project rising next to Wake Forest University's athletic facilities.
A Triad Developer Built on Five Decades of Deals
Front Street Capital traces back to 1984, when Robin Team founded the development, investment and management firm, according to the Triad Business Journal. Robin Team later moved to chairman of the company's board while remaining involved in its future, and Coleman Team took over as president, a title he still holds as president and managing partner. A 2025 Power 50 feature in the Triad Business Journal described Front Street Capital as one of the region's most prolific developers, pointing to the 2.15 million square feet the firm has added over the past five years.
That reputation lines up with how other outlets have characterized the company. Journal Now has called Front Street Capital one of the Triad's busiest commercial and industrial real estate developers, noting the firm is always on the lookout for potential major projects. The same outlet reported that Front Street Capital is pursuing the location of what would become the Triad's next megasite.
Lexington Site Could Bring Millions of Square Feet
That megasite ambition centers on Lexington, where Front Street Capital is pursuing an 850-acre master-planned industrial park, according to ConnectCRE. The company's current concept divides the property into 15 parcels ranging from 11 acres to 153 acres, with potential for roughly 8.4 million square feet of industrial space across the site. ConnectCRE reports the project is designed to accommodate advanced manufacturing, logistics firms and corporate campuses with multiple buildings, aided by the property's proximity to Interstate 85 and Norfolk Southern rail lines.
The timing tracks with broader momentum in the region's industrial sector. The Triad industrial market remained highly active in the first quarter of 2026 following a surge of transactions late last year, per market data from NAI Piedmont Triad. Demand was especially strong for small-bay spaces between 20,000 and 150,000 square feet, and merchant builders have re-entered the market with new speculative projects underway across multiple Triad submarkets, according to the same report.
The Grounds Takes Shape Near Wake Forest
While the Lexington site remains a pursuit rather than a done deal, Front Street Capital's most visible current project is already under construction in Winston-Salem. The Grounds is being developed by Wake Forest University, Carter and Front Street Capital, according to the Sports Business Journal, which reported the mixed-use development near the university's athletic venues has already landed its first five retail tenants ahead of a planned fall 2027 opening. The retail village portion of the project is owned by Front Street Capital and Carter and ground-leased from Wake Forest, the outlet reported.
Figures describing the scale and cost of The Grounds have varied across coverage. ConnectCRE has described the project's first phase as a $250 million undertaking, while VisitTheGrounds.com has characterized the broader development as a $150 million, 100-acre mixed-use project. Component details have also shifted between reports: VisitTheGrounds.com earlier described four major pieces, including a 100,000-square-foot Wake Forest office building, a 240-unit residential community and a 40,000-square-foot retail village, while the Sports Business Journal's more recent account lists a 229-unit student apartment community, 22 luxury residences and 42,000 square feet of experiential retail, dining, wellness and community-focused space in the first phase. ConnectCRE gives the Wake Forest-anchored office building as 135,000 square feet.
VisitTheGrounds.com reported the developers expect to finish the project's first phase in August 2027.
A Market Still Tilted Toward Tenants in Some Sectors
Not every corner of the Triad's commercial real estate landscape is running as hot as the industrial sector. The region's office market remained firmly tenant-favored in the first quarter of 2026, with elevated vacancy and occupiers gravitating toward smaller, more efficient spaces, per NAI Piedmont Triad's data. Retail vacancy in Greensboro, Winston-Salem and Burlington held in the mid-to-high single digits over the same period, the firm reported.
That mixed backdrop helps explain why Front Street Capital is looking well past its hometown for its next chapter. Journal Now has described the company as always on the lookout for potential major projects. For now, the firm's attention is split between finishing out The Grounds and pursuing the Lexington megasite concept.
