Want us to give you a call?

Simply enter your name and number below and we'll be in touch.

Monthly Archives: June 2018

  • -

Wilmington Retail Market Report End of Second Quarter

Category : Market Knowledge

 

Regional Power Center – University Center Wilmington NC

The Wilmington Metro Area Retail Market report is showing increased leasing, increased rental rates on average and increased demand with a shortage of smaller commercial spaces readily available for lease. With new planned shopping centers in the works the demand for space should keep up with the development of space.

We have the renovations at the mall, but the relocation of existing in place retailers will create a market gap as existing stores close to relocate, creating some new opportunity long term, with short term dark spaces. (KMART ???)

There are some concerning national trends for the Retail Market Place as larger boxes are struggling to compete with online sales. The recent supreme court ruling should take that into account with their change to allow for taxation of online sales by states, it now makes brick and mortar stores have a equal playing field with the digital.

Tenant Mix, and the reduction of restrictive covenants long sought by retailers to protect themselves are now showing that cross sales and cotenancy with competitors may be better for future business. By creating an environment where shoppers dont have to drive everywhere else to go to the stores they want, you create a collaborative shopping experience.

Bells Fork Shopping Center

Another interesting Market Tidbit affecting Landlords is the corporate companies policy to allow stores to accept returns purchased digitally. The head of Simon Properties group discussed this at a recent panel event. The major take away from that panel is that due to retailers allowing online purchases to be returned at Brick and Mortar locations, it hurts that individual stores performance as it shows a net cash flow back to the customer and affects/effects percentage rental clauses.

YIKES! Its amazing how a simple concept can ripple into broader implications for commercial real estate.

Meanwhile the investment side of Retail real estate remains steady with the NNN Tenants leading the way in investment sales and acquisitions at lower to mid range caps.

Check out these articles for Local and National Retail News for interesting reads and information:

Sales Strong but Malls Struggle

Independence Malls Plans are being released 

When Retail Development Turns Sour

Wilmington Retail Market Growth and Development 

Changing Retail to create experiences

Evolution of the Grocery Store Chain

Online Purchase Returns Hurt the Rental Rate

Waffle House Trades to Investor

Check out the Wilmington Market Reports 

Wilmington MSA Fact Sheet – YTD End of May

Wilmington Retail Market Report

 

 

 


  • -

Wilmington Multifamily Market Report

Category : Market Knowledge

Wilmington has seen a massive growth in the Apartment sector with over 5,000 new units completed and another 884 under construction and 1800 in planning. This growth will continue to be absorbed as our region is one of the more desirable places for retirees, college students and families to move to. Investment in the marketplace remains very steady once occupancy is reached and stabilized.

Check out the Multifamily News and Market Report below.

Multifamily Market Report

Market Status News 

Recent Multifamily Investment Sale News

 


  • -

End of Quarter 2 – Wilmington Industrial Market Report

Category : Market Knowledge

 

North Kerr Industrial Park – New Hanover County

The Wilmington industrial market according to the report enclosed in this posting is very tight right now. The on market inventory is low, rental rates have grown year over year to a now market high of $8.00 per sf + NNN. The smaller flex market is very tight with limited availability while the larger spaces are turning more as investment sales in the 7-9 CAP range, providing stable returns based on the tenants credit and lease term.

ECCRE is marekting this 10,000 Build to Suite Industrial Building in North Kerr Industrial Park

The need for industrial growth is very strong in our market with multiple new development projects underway to help alleviate some of the backed up demand.

Call us for more information or to discuss the report.

North Carolina State Wide Industrial Market Place

Wilmington MSA – Industrial Marketplace

The Wilmington Marketplace has shown significant change over the past two years with the rental rate growth, price per sf growth for sales and supply decrease. The Market state wide has equally shown such growth and as distribution hubs become the new norm for CRE Sectors, that growth will keep coming.

 

Growth of Industrial Sector Article 1

Growth of Industrial Sector Article 2

Wilmington Industrial Market Report


  • -

A school grows and leases new space ! 220 Avondale Suite 103 is Leased

Category : Lease Announcement

220 Avondale Drive Suite 103. LEASED

ECCRE is excited to announce the recent lease transaction with Southern Choice Real Estate School. Owner Lee Eatmon, recently leased 220 Avondale Drive, Suite 103 in Wilmington North Carolina. ECCRE represented the Landlord in the lease transaction. The Tenant and Landlord are very excited with the lease, and both of them came together to provide a larger space and more parking to make the lease work.  The buildings location and ease of access along the Oleander Drive Corridor makes the schools new location a great one for the students.

220 Avondale Drive Location

Southern Choice Real Estate Academy offers pre-licensing courses, continuing education and post licensing courses for real estate brokers.

For More information on their company click here.

Brokers Nicholas Silivanch and Bernadette Silivanch represented the Landlord in the  long term lease transaction.

 


  • -

13.1 Acres Sold in New Bern – NC

Category : Property Closing

4112 MLK Blvd – New Bern NC

Eastern Carolinas Commercial Real Estate is excited to announce the closing on 13.10 acres of commercial land and a 10,000 sf building in New Bern North Carolina. The tract of land is located on the left hand side of the road as you drive into New Bern on Hwy 17. ECCRE represented the Seller of the property. The new owner plans to build a Uhaul storage facility and moving truck rental on the property.

ECCRE was able to negotiate a $2,000,000.00 closing on the 13.10 acres.

Brokers Nicholas Silivanch and Garry Silivanch with ECCRE represented the Seller in the transaction.


  • -

Recent Closing – 3015 Boundary Street Suite 10/11

Category : Property Closing

3015 Boundary Street – Suite 10/11 SOLD!!!!!

 

ECCRE is excited to announce the recent sale of the 2,000 sf of Industrial Flex Space in the North Kerr Industrial Park. The Owner Nix Investments was represented by ECCRE in the Sale to Ron Worthington a private owner. The sale closed in May.

Brokers Nicholas Silivanch and Garry Silivanch Represented the Seller in the transaction.


  • -

Recent Lease Transaction – 219 Station Road

Category : Lease Announcement

ECCRE is excited to announce the recent lease signing by Prestige Scientific for a new office space location at 219 Station Road. The New Facility will allow for the company to expand. They signed a long term lease for the office suite, which they plan to grow into.

Brokers Nicholas Silivanch and Barry Padgett Represented the tenant in the lease.


  • -

When Grocery goes bad – Case In Point on Development Hazards

Category : Market Knowledge

When a site makes sense for a developer, it is hard to pass up. When a site has a tenant or occupier who is interested as well in the site, its almost perfect. That is the case study here on the Lidil deal on 17th street where the developer had once of the users for the property lined up. Went through the process for permitting, made the hurdles with the city and then lived up to their part of the contract. Sadly the end user didn’t live up to theirs and as a result this is what happens.

Click here for more information on what happens when development goes south.


  • -

ECCRE Helps Axes Fly in Wilmington … Literally

Category : Lease Announcement

LEASED – 1122 S 3rd Street – The new location for Axes and Allies

ECCRE is excited to announce the following transaction brokered by Julie Stephenson.

The property formerly known as Red Barn Theater will now become Axes and Allies, a Axe throwing venue serving wine and beer. For more details check out the Greater Wilmington Business Journal Article here.