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Category Archives: Major Announcement

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Budgetel and Motel 6 to be Reimagined – Addresses Workforce Housing Shortage in Wilmington NC.

4903 Market Street – Budgetel

 4903 Market Street, Wilmington, NC – Redevelopment of existing Hotels into Apartment Rentals to address Wilmingtons WorkForce Housing Need.

ECCRE’s Hospitality Team is excited to announce the recent contract exectuion and subsequent rezoning submittal for the Budgetel and Motel 6 in Wilmington NC.

The Purchaser is looking to convert the 7.8 acre site with 230 rooms spanning three buildings into workforce efficiency units. There will be minimal environmental impact as we they are not altering the impervious areas in any way or adding to them!

Overview of 4903 Market Street, Wilmington NC.

This rezoning will create efficiency apartments that are targeted to Wilmington’s workforce, and located in a part of Wilmington that is central to Downtown, Area beaches and employment nodes (The Hospital, Universities, Dutch Square Industrial Park, The Movie Studios, 23rd Streets Businesses, Downtown Restaurants and Offices, the Corning Plant and The Mayfaire area retail shops). The property’s rezoning would allow for a return to the original 230 configuration and for the existing structures to be converted into efficiency units. The locations convent access to city transportation, and access to major roads will offer additional options for Wilmington’s workforce, who are looking for an affordable option close to services.

 

Check out the story on the Wilmington Business Journal here.

ECCRE – Budgetel and Motel 6 Press Release


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WE’VE MOVED!

Category : Major Announcement

WE’VE MOVED!

Our new address is :

4922 Randall Parkway
Suite D
Wilmington, NC 28403

910-399-4602

WWW.ECCRENC.COM

We look forward to doing business with you at our new location!


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ECCRE – Sells Medical Office Building at 6.1 CAP

1725 New Hanover Medical Center Drive

Sold – $5,314,590.00

Seller: WILCAR Properties 

Purchaser: Confidential

New Real Estate Product Nets one of the best Cap Rate’s in Southeast North Carolina

ECCRE is proud to announce the successful sale and closing of 1725 New Hanover Medical Center Drive, a NHRMC leased building for $5,316,000. 

The sale was the product of ECCRE’s signature real estate service named REAS – Real Estate Analysis Strategy. Initially developed nearly 10 years, the firm has recently begun focusing on identifying real estate assets and owners who could benefit from having a real estate professional included in their financial planning. The process begins with ECCRE completing an analysis of an owner’s real estate assets in relationship to market conditions (market lease rates, competing properties, interest rates, unemployment and the stock market). To date, the partners and brokers of ECCRE are working with close to 20 clients on this unique real estate investment and retirement strategy.

The property at 1725 New Hanover Medical Park Dr is leased by NHRMC. Given the favorable economic conditions, the property, and owners were identified and approached by John Hinnant, Vice President of ECCRE and Nick Silivanch, a Partner with ECCRE. After review of the interest rate trends and predominate Cap Rates, the owners agreed to work with ECCRE on the disposition of the 17,000 +/- medical office building. At well over $300 per square foot, the sale generated nearly 100% more than the prevailing dollar per square foot rate that typical office buildings sell for in the market and a Cap Rate of 6.1% (one of the best recent cap rates for the Wilmington Commercial Real Estate Market).

For more information on REAS, or a free, no obligation analysis of your real estate holdings, contact ECCRE today.

For the PDF of the Press Release Click Here NHRMC Closing Press Release

Vice President/Broker, John Hinnant

Partner and Broker – Nicholas Silivanch

 

 

 


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Ground Breaking in Wilmington: Academy Sports and Outdoors

Category : Major Announcement

updated-site-map

 

ECCRE is excited to announce that the official ground breaking for the Academy Sports and Outdoors occurred on April 17th. The Site will also play host to an additional tenant of 20,000.00 square feet who is actively being recruited to the market.

Shout out to Coastal Contracting and Construction’s David Edmonds and New South Properties Dale Hall on the transaction.

Academy Sports Ground Breaking culminates two years worth of negotiations in recruiting the 62,950 sf retailer to Wilmington NC. You can read the Wilmington Business Journal Article on the Ground Breaking Here. 


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Academy Sports Coming to Wilmington

Category : Major Announcement

updated-site-map

 

ECCRE is excited to be a part of this transaction. We also have 20,000 sf remaining at the Property. This is a Build To Suite opportunity and the space will be delivered in the fall of 2017.

Academy Sports Wilmington Location will be 62,500 sf and is located at the Intersection of S.College (I-40) and Market Street (Highway 17).

Call us for more details!.

Property Website Click Here

For the Business Journal Article Click Here.