Archive for Wilmington

Aug
02

Two Wilmington Medical Office Buildings Sold

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medical building clipartMontecito Medical, a premier owner of medical office buildings throughout the U.S., has acquired two Class-A buildings totaling 76,903 square feet in Wilmington, North Carolina.

The buildings were purchased from the region’s dominant independent orthopedic practice, OrthoWilmington, which has master-leased the buildings for 15 years.

“These two medical office buildings are a perfect complement to the portfolio of strategically located MOBs we’ve been targeting,” said Montecito CEO Chip Conk. “OrthoWilmington is the leader in this robust medical market, and we’re excited about the opportunity to help them continue to grow.”

The two buildings known as Shipyard (39,258 square feet) and Ashton (37,645 square feet) are eight miles from Wrightsville Beach in the heart of historic Wilmington, N.C., and are within three miles of the 755-bed New Hanover Regional Medical Center.

Montecito is under contract to close on an additional OrthoWilmington location before the end of the year.

Since 2005, Montecito Medical’s acquisitions total more than $1.2 billion in medical real estate in 22 states.

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Jul
14

Real Data: Wilmington Apartment Market Booming

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real data LogoNew apartment development is booming in the Wilmington market. There are now more than 1,600 units under construction and another 1,600 units proposed, according to the latest report published by Real Data. Demand for apartments in Wilmington has been healthy over the last year. The average vacancy rate is now 4.6%. Apartments that are one to five years in age have an average vacancy rate of 4.0%, which is good news for developers planning new apartments.

The average rent for an apartment in the Wilmington area has increased to $954 per month, as compared to $907 per month just one year ago.

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Jun
22

Real Data: Wilmington Apartment Vacancy at 4.6%

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real data LogoNew apartment development is booming in the Wilmington market. There are now more than 1,600 units under construction and another 1,600 units proposed, according to the latest report published by Real Data. Demand for apartments in Wilmington has been healthy over the last year.

The average vacancy rate is now 4.6%. Apartments that are one to five years in age have an average vacancy rate of 4.0%, which is good news for developers planning new apartments.

The average rent for an apartment in the Wilmington area has increased to $954 per month, as compared to $907 per month just one year ago.

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Mar
03

Food Lion Anchored Shopping Center Sold

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masonboroA firm that recently purchased a Hampstead shopping center also bought Masonboro Commons, a Carolina Beach Road property anchored by a Food Lion grocery store, a broker said Wednesday.

Caliber Capital of Atlanta bought the center at the corner of Golden and Carolina Beach roads for $3.3 million on Feb. 25, said Nicholas Silivanch, partner with Eastern Carolinas Commercial Real Estate.

Silivanch said the center, which is also anchored by Planet Fitness, stays busy. His company represented the buyer in the sale.

“It gets a lot of Monkey Junction traffic, and then it gets neighborhood traffic with where its located in southern New Hanover County, which is growing exponentially,” Silivanch said.

In addition to Masonboro Commons, Caliber also bought Hampstead Station from DMI as part of a two-center portfolio, said Silivanch, whose company has been retained for leasing and outparcel sales for both centers.

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Mar
01

Wilmington Area Shopping Center Sold

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hampstead stationAtlanta-based Caliber Capital bought a Hampstead shopping center recently for $4.4 million, a broker involved in the transaction said Monday.

The firm purchased Hampstead Station, a Food Lion-anchored center that contains about 50,000 square feet of space, and two outparcels on U.S. 17 in Hampstead, from DMI, the center’s original developers, said Nicholas Silivanch, partner in Eastern Carolinas Commercial Real Estate.

“It’s a great investment in a growing marketplace,” said Silivanch, whose firm represented Caliber Capital in the transaction.

Silivanch said the new owners have retained ECCRE for the leasing and outparcel sales at Hampstead Station.

One of the undeveloped outparcels that was included in Caliber Capital’s purchase is 1.5 acres, and the other is 0.8 acre.

Other tenants at the center include Family Dollar and South State Bank.

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Jan
22

Progress Student Living Sells NC and GA Complexes

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two soldProgress Student Living announced today it has sold two luxury student housing communities that it developed recently in North Carolina and Georgia. The buyer of both properties is Phillips Acquisitions, based in Santa Barbara, California. The transaction was brokered by CB Richard Ellis’s National Student Housing Group in Dallas. The transaction price was not disclosed.

Sold in portfolio transaction were Progress910, a 168-unit complex with 528 bedroom/bathroom suites near the UNC Wilmington in Wilmington, N.C.; and Monarch301, a 180-unit complex with 546 bedroom/bathroom suites near Georgia Southern University in Statesboro, Ga. Each property is currently 97% leased.

“Progress 910 and Monarch 301 are among the top off-campus housing options for students at UNCW and Georgia Southern,” said Andrew Weddle, a principal with Progress Student Living who helped develop, operate and sell both properties. “Each is located close to campus, is well-built, and offers a full slate of amenities that are popular with student renters.”

Progress910 consists of three four-story residential buildings located on a 16-acre site at 316 Marlboro Street in Wilmington. Apartments are also available in two- and three-bedroom-suite floor plans. Among the property’s amenities are an outdoor, resort-style pool with poolside cabanas; a 24-hour, state-of-the art fitness center; an activity room with a fireplace, lounge areas, and billiards and ping-pong tables; and a secluded cybercafé and study lounge.

Monarch301 is located on a 10-acre site at 816 S. Main Street in Statesboro. It consists of four interconnected four-story buildings with fully furnished apartments available in one-, two- and four-bedroom-suite floor plans that feature 40-inch, flat-screen televisions; high-speed Internet connections; private patios or balconies; and full-size washers and dryers. Property amenities include an outdoor, resort-style pool with poolside cabanas; a lighted sand volleyball court; a sunken fire pit with circular seating; outdoor hammock gardens; a clubhouse with a coffee lounge and game rooms; barbecue grilling areas with picnic seating; and a 24-hour fitness center with a private exercise room.

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Dec
08

NorthView Partners Developing Wilmington Apartments

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Developers plan to break ground soon on upscale apartments in a mixed-use development, where 25 acres of commercial land is currently under contract on Carolina Beach Road.

Meridian at Fairfield Park, made up of 241 units and a variety of amenities, will join a growing list of apartment projects under construction.

“This has been pending for quite some time, but it’s finally going forward,” said Richard Cotton, a broker and managing director of Muiltifamily Realty Advisors. Cotton represents Neal Hunt, a state senator who owns the property where the apartments will be built.

NorthView Partners, a Raleigh-based firm and development partner in Meridian at Fairfield Park, will close on a construction loan and begin building this month, said Mark Barker, CEO and principal of NorthView Partners.

READ MORE HERE

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Nov
13

NC Attorney and Developers Sentenced for Mortgage Fraud

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United States Attorney Thomas G. Walker announces that today Senior United States District Judge Malcolm J. Howard sentenced numerous participants in a Wilmington area mortgage fraud scheme to prison. Senior Judge Howard also collectively ordered more than $1 Million in restitution judgments against the defendants. Those sentenced by the Court included a real estate closing attorney, two developers, and another conspirator.

United States Attorney Thomas G. Walker stated, “This is the second time within a month that courts of this district have sent attorneys and other real estate professionals to prison for mortgage fraud. Through these and other prosecutions the message should be absolutely clear. If you commit mortgage fraud, you will face time in prison.”

“Mortgage fraud is an incredibly destructive crime, where borrowers are burdened with bad loans, lenders incur significant losses, and neighborhoods are often destroyed through abandoned homes and rapidly declining property values” said Thomas J. Holloman, III, Special Agent in Charge, IRS Criminal Investigation, “Today’s sentencing of these defendants, delivers the message that we along with our law enforcement partners will not stand by idly while criminals enrich themselves, through victimizing others.”

READ MORE HERE

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Jul
01

Newer Wilmington Apartments Leasing Well

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New apartment development is booming in the Wilmington market. There are now more than 900 units under construction and another 1,800 units proposed, according to the latest report published by Real Data. Most of the new development is occurring in the North submarket.

Demand for apartments in Wilmington has been strong over the last year, allowing the average vacancy rate to improve to 5.5%. Apartments that are one to five years in age hold the lowest vacancy rate in the market at 3.9%, which is good news for developers planning new apartments.

The average rent for an apartment in the Wilmington area has increased to $835 per month, as compared to $800 per month just one year ago.

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Jan
08

Wilmington CRE Market Seeing Activity

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An increase in new commercial development and leasing activity throughout greater Wilmington could spell a more optimistic first quarter of 2012.

Port City Mattress is expanding into the University Centre Shopping Plaza on College Road. The firm — which sells American-manufactured mattresses — will ink a lease agreement Monday for 1,200-square feet of space at the shopping center. Nicholas Silivanch, director of retail leasing and acquisition for Coldwell Banker Commercial Sun Coast Partners, brokered the three-year lease agreement.

Adam Withey, managing partner of Port City Mattress, said his firm will close its current Carolina Beach Road location before opening its new store in University Centre. He said the new store is slated to open by February 1.

“The University Centre location is actually smaller than our location on Carolina Beach Road,” Withey said. “But the rental rates are good, and when you look at the traffic counts on College Road, and the fact that we are three spaces down from Sam’s Club, it was an offer we couldn’t refuse.”

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Dec
11

New Student Housing Announced for UNC Wilmington

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Progress Student Living has announced that construction has begun on Progress910, a luxury student housing community near the University of North Carolina Wilmington.

Located on a 16-acre site at 316 Marlboro Street in Wilmington, approximately one mile west of the main entrance to the UNCW campus, Progress910 will consist of three four-story residential buildings with a total of 528 bedroom/bathroom suites in 168 apartment units.

UNCW currently has 14,100 enrolled undergraduate and graduate students, a 6% increase over the 2012-13 academic year. Progress910 will be completed next summer, and leasing is under way for the fall 2014 UNCW semester. Asset Campus Housing  has been engaged to serve as property manager.

Among the property’s amenities will be an outdoor, resort-style pool with poolside cabanas; a 24-hour, state-of-the-art fitness center; a shaded, outdoor patio with barbecue grills; oversized, outdoor fire pits; a lighted, sand volleyball court;  and study lounge.

The apartments will be fully furnished and available in two-, three- and four-bedroom floor plans. Unit amenities will include 40-inch, flat-screen televisions; high-speed Internet connections; full-size, walk-in closets; stainless-steel kitchen appliances; full-size washers and dryers; sound-insulated walls; private patios or balconies; and wood-style flooring in all rooms.

 

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Jul
02

Wilmington Apartment Vacancy at 8.3%

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In the last two years, nearly 1,000 new apartments have been built in Wilmington. Construction is currently underway on almost 500 additional units and there are nearly 700 more units planned, according to the latest report published by Real Data.

The average occupancy rate for apartment communities in the Wilmington area is now 91.7%, but had fallen to as low as 88% in 2009. Strong demand for apartments is expected to continue as confidence in the for-sale housing market remains low. The average rent for an apartment in the Wilmington area is now $800 per month, as compared to $669 per month in 2009.

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Dec
05

Ocean Isle Beach, NC Shopping Center Sold

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Inland Diversified has paid $10.2 million for Landings at Ocean Isle Beach, a 53,220 square-foot retail shopping center located in Ocean Isle Beach, North Carolina.

The Landing at Ocean Isle Beach opened June 10, 2009 and includes a 42,000-square-foot Lowes Foods, 23,000 square feet of additional retail space and six outparcels on about 7.5 acres. The property has an economic occupancy of 95% with 6 tenants, including Domino’s Pizza and East Carolina Bank.

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Aug
21

Wilmington’s Residential Market Rebounding

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The sounds of hammers and saws are again echoing throughout the Wilmington area – and we’re not just talking about the work associated with the movie and television productions that now blanket the area.

After a multi-year lull in the wake of the Great Recession and bursting of the real estate bubble, the region’s housing industry is finally showing some signs of life and – more importantly – stability.

Housing starts are up, new apartment complexes are sprouting seemingly everywhere, home sales are trending upward, and builders are feeling more confident than they have in years.

READ MORE HERE

Blog Note:

Integra – South Carolina has recently completed a number of commercial appraisal assignments in the Wilmington, NC area. Please let us know if we can assist with your appraisal needs in that area of the Carolinas. 

Michael Dodds, MAI, CCIM

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Dec
09

Wilmington CRE Activity on the Rise

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An increase in new commercial development and leasing activity throughout greater Wilmington could spell a more optimistic first quarter of 2012.

Port City Mattress is expanding into the University Centre Shopping Plaza on College Road. The firm — which sells American-manufactured mattresses — will ink a lease agreement Monday for 1,200-square feet of space at the shopping center. Nicholas Silivanch, director of retail leasing and acquisition for Coldwell Banker Commercial Sun Coast Partners, brokered the three-year lease agreement.

Adam Withey, managing partner of Port City Mattress, said his firm will close its current Carolina Beach Road location before opening its new store in University Centre.

READ MORE HERE

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