Monthly Archives: July 2015

Commercial Real Estate News Updates for Eastern North Carolina

Here are some news on the recent commercial real estate activity in and around North Carolina. Click any of the links below to read their story.

This is a great instructional message about RESPA or Real Estate Settlement Procedures Act.

Wonder how this correlates to the rise in Multifamily projects across the country. Oddly enough the amount of growth in Multifamily does not seem to be slowing down.

An insightful episode of Bloomberg Surveillance here with thoughts from Janet Yellen on where we may be going with the financial market place. 

At ECCRE we know Retail is a investment power house now others are saying it too

ECCRE’s Nicholas Silivanch the ICSC Next Gen Chair for Eastern NC, hosted and moderated the discussion on Developing the Carolinas Coast.  

ECHO Realty Acquires Beau Rivage Market Place part of a larger eight center acquisition.

Industrial Investment continues in SENC

As Ben Franklin said “Beer is proof that God Loves us and wants us to be Happy” apparently its great business too, with roughly 3.8 billion invested into NC economy

With money being brought back into the film industry it may help bring jobs back to Wilmington. 

Keep working and God Bless Everyone, have a great weekend, and remember we work to deliver Real Estate Solutions in Real Time at Eastern Carolinas Commercial Real Estate. Garry, Bernadette and Nicholas are always ready to help with your real estate needs. Contact us at (910) 399 4602

5015 Wrightsville – Closed – ECCRE Sells Wrightsville Ave Building

5015 Wrightsville Ave

Eastern Carolinas Commercial Real Estate is excited to announce they represented the Seller in the sale of 5015 Wrightsville Ave. This property was listed for lease with the firm. After some consideration it was listed for sale and went under contract within 15 days of being listed for sale at $500,000 or $100.00 per foot for the 5,000 square foot former dance studio. It closed at $495,000.00 or $99.00 per foot. The property sold for $40,000.00 above appraised values and helps to raise the comparable sale prices for stand alone buildings along the Wrightsville Avenue Corridor. Dawn Berard with Sold by the Sea Realty Represented the Purchaser, Dance Exchange.

Welcome to the Neighborhood Dance Exchange!.

ECCRE provided “Real Estate Solutions in Real Time” for our Client.

ICSC Next Gen Event a Success – Future Event in the Works.

ICSC Next Gen Wilmington – Panel on Developing and Investing in the Coastal Carolinas

Eastern Carolina Commercials Nicholas Silivanch, the Chair of the North Carolina Coastal ICSC Next Gen Committee, is excited about the success of the Developing the Coastal Carolinas Seminar hosted today at the Terraces at Sir Tyler.

The Seminar had two sessions, one on Development and Investment in the Coastal Carolinas, with Hyman Brody of Brody Co., David Harner with Paramount Development, David Swain of Swain and Associates, Chris Taft of Crosland South East and Joel Tomaselli of Sea Horse Management. They discussed the past, present and future of growth in Retail Development along the Coastal Carolinas.

The Leasing and Site Selection panel featured, Laura Farren of CBL Associates, Michael Overton of The Overton Group, Drew Parks with Coldwell Banker Commercial Chicora and Chris Taft of Crosland South East. The Panel discussed current market activity in the Eastern Carolinas, What the REIT’s and Development Communities are seeing when looking at acquisitions and what can be expected with new construction vs. existing space. The Turnout for the event totaled roughly 85 folks with attendees traveling from as far away as Chattanooga, Atlanta and Virginia Beach.

For the Wilmington Business Journals Story Click Here.

For more on the ICSC Next Gen Program Click Here.

Quarter 2 Average Market Lease Rates Vs. Eastern Carolinas Commercial Real Estate Lease Rates

Eastern Carolinas Commercial Real Estate is proud to represent Grocery Anchored Centers in the Wilmington and Eastern North Carolina Marketplace.

Our product ranges from some high end strip centers, to Grocery Anchored, to Regional Power Centers. Through Quarter 2 with 19 completed transactions with 39,074 square footage leased, we have averaged $16.02 per foot. Our Market Share was 38% of transactions with 39% of square footage. Our nearest competitor logged 8 transactions for 11,500 sf at an average of 11.06 per square foot.  That is just within the Wilmington Region and the Commercial MLS Metrics used.

The Wilmington Area Commercial Real Estate Market is seeing drastic improvement and rental rates are steady on the rise from a low of $10.00 per square foot in 2010 to the closed rate in 2014 of $14.39 per square foot. It is ECCRE’s anticipation that YE 2015 will close at $14.93 per foot which would be on tract with the average yearly rise of 3% per annum. This is great news for Landlords in South Eastern North Carolina who can project with confidence the ROI for their vacancies.

ECCRE market stabilization and growth, is a strong indicator of a solid return for the economy which is now allowing developers to build new product.

ECCRE Update 7/13/2015

Eastern Carolinas Commercial Real Estate is excited to announce the following new retail leases at the properties below.

 Hampstead Station Shopping Center

Leased Unit 6 / 11 at Hampstead Station Shopping Center

Unit 6 has been leased to Sean Farless with The Vapor Corner has signed a lease at Hampstead Station to open a second location for his company.

Unit 7 has been leased to  The Bleu Closet, a new bridal store and dress shop.

Unit 11 has been leased to Maria Vogel to open the Vitamin Shop, a supplement and health advisory store.

Snows Cut Crossing Shopping Center

Grocery Anchored Center – Carolina Beach NC

Unit 74 has been leased to the New Hanover County Library for their new Carolina Beach Branch location.

At Eastern Carolinas Commercial Real Estate we believe in “Real Estate Solutions in Real Time”