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Monthly Archives: October 2015

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City of Wilmington Considers one of ECCRE’s Clients Properties

Category : Uncategorized

Check out this article on how the City of Wilmington is considering purchasing one of Eastern Carolinas Commercial Real Estate Bank Owned properties.

414 Chestnutt Street, Wilmington NC Article


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Commercial Real Estate Update – Wilmington NC – New Wetlands Cropping up

Category : Uncategorized

Due to recent weather conditions it looks like there are now some new wetlands and other bodies of water that New Hanover, Pender and Onslow County will have to account for in planning future growth and development. Check out Lake New Centre Drive… it features the only dockside service Golden Corral in Wilmington and maybe America?

Lake New Centre Drive

Lake New Centre Drive – Wilmington 1,000 year rain event 10/5/15

With all seriousness being restored to the post, ECCRE’s has in its thoughts and prayers everyone affected by the rain that we have had for the last week.


 

Video Marketing Takes Off – close to 100 viewers since the launch in mid September!

Eastern Carolinas Commercial Real Estate has a youtube account and we have so far documented and created marketing videos for about 35% of our properties. Check out the latest addition to the property video’s with 2301 17th Street, Wilmington NC being added. 


 

Eastern Carolinas Commercial – Hot Topics

Third Quarter Retail Market Stats are in, mid teen rental($14.45) rate logged with ECCRE out preforming market on its represented properties at $16.59 per sf average over 11 transactions for 28,800 sf leased (click here or scroll down for the report)…

Businesses have remained open and active despite the pour weather we have had… 

Office Market is off to a solid start with new development along the way… we may have helped contribute to that… click here to find out…

According to NAR Commercial Lending is improving….

New Tenants announced at several key properties….

Bayshore Commons  

University Centre 


 

Hot Tip of the Week –

REIT are now out preforming expectations…..


 

Hot Property of the Week – (careful, one takes you to loop net the other to the property video…)

226 N Front Street, Wilmington NC 28401 - For Sale - 26,000 sf

226 N Front Street, Wilmington NC 28401 – For Sale – 26,000 sf

226 N front street is our Hot Property of the Week.

So go downtown, to 226 N Front Street 
Where all the lights Could be bright, downtown at 226 N Front Street
Waiting for you tonight, downtown at 226 N Front Street is a great property to meet 
You’re gonna be alright now, downtown at 226 N front Street once the renovation is complete 
Downtown,
Downtown, at 226 N Front Street  


 

Thanks for reading, and remember at Eastern Carolinas Commercial Real Estate, we provide “Real Estate Solutions in Real Time.”

If you have questions, comments or would like to have a S.W.O.T analysis of your property done with Valuation report reach out to us at (910) 399 4602 or contact@eccrenc.com

 

 

 


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Southeastern North Carolina 3rd Quarter Retail Market Update

Category : Uncategorized

Retail Lease Rate Update Q3 2015

Metro Southeastern North Carolina a trade area made up of Brunswick, New Hanover, Onslow and Pender Counties had a uplifting third quarter.  There were 22 transactions for the quarter with a total of 56,270 square feet leased. The average lease rate was $14.45 per square foot.

The largest lease was 7,400 square feet and it was completed in July for a fitness user, at a regional power center. The lease rate of $10.00 per square foot is a solid indicator for larger spaces and an increase as larger spaces were previously recorded in the upper single digits.

When looking at Quarter 2 where the average rental was $13.59 the market increased in $ psf by $0.86 in rental which is due to a larger lease rate in new construction.  Quarter 1 Lease rates were $13.39 rose by $1.06 in comparison.

New Construction Lease Rates are holding in the mid to upper 20’s on small shop space, for larger boxes the average rental appears to be constant as well in the mid to upper teens. Existing space over all based on property type, Anchored v. Unanchored space saw a difference in rental averages as well with Anchored Space commanding higher rental of upper teens through the upper twenties per foot. Unanchored space was constant with rents staying in the mid to low teens.

Properties leased had a market wide average of 270 days on the market in the 3rd quarter were as previous quarters saw some spaces on the market for 255 days (Q1) and 310 days (Q2) before being leased. Eastern Carolinas Commercial saw the following on its portfolio Q1 – 97 days Q2 – 202 days Q3 – 247 days. The importance of this statistic shows that with the market improving the space that has been active on the market is now being filled with properties that have been vacant for years now moving. This is one of the great indicators for space demand, as the properties formally deemed as not right are now the only option in a specific trade area for a retailer to locate.


Previous Years Statistics – Leased Square Footage Chart

Leased SF CHart

Southeastern NC 2013-2015 Leased Square Footage


Previous Years Statistics – Rental Rate Average Chart

RRA CHart

Previous Years Statistics – Leased Square Footage Chart and Rental Rate Average Chart


Quarter 1 – 3 Rental Rate Averages

The following chart is a culmination of data from the regional commercial MLS. All data is believed to be accurate and is taken for face value as collected and not independently verified. For Quarters 1-3 of 2015. ECCRE is the only company shown we have removed other companies names as there may be deals completed out side the MLS and not recorded.

2015 retail stats

South Eastern North Carolina Retail Rate Chart for Market Performance

Questions or comments on our data and the report – (910) 399 4602 or Contact@eccrenc.com

We provide Real Estate Solutions in Real Time at Eastern Carolinas Commercial Real Estate. We look forward to hearing from you!.