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    Category Archives: Market Knowledge

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    Rezoning of the Budgetel and Motel 6

    “Real Estate Solutions delivered in Real Time”

    Eastern Carolinas Commercial Real Estate Inc is excited to announce that the Property located at 4903 Market Street, where currently the Budgetel and Motel 6 are located was approved to transition from hospitality zoning to Multifamily High Density. This will turn the two flagged property into 234 efficiency unit rentals in the middle of market street. The developer also agreed to lock 10% or 23 rooms in as designated affordable housing.

    From John Hinnant, Vice President “On behalf of our clients, the Badhiwalas, we are very excited to cross this important threshold in the sale of their property. Conversions of hotels like this are very popular around the country and we believe this, along with other deals we have and are brokering will help to improve and beautify the Market Street corridor. Since the improvements to the intersection at Market and Kerr, the properGes along that corridor have become more appealing to investors and developers. With the amount of land available for development in New Hanover County dwindling, it is only reasonable to believe that repurposing existing properties will be a key part of the future of our community.”

    From Nicholas Silivanch, Partner “This rezoning and adaptive reuse of what the city deemed to be a blighted area in our community will help change the Market Street Corridor in the short term and in the long term. The property will bring new rental units for the students who are graduating, the single upwardly mobile young professionals, those who are relocating and the need for affordable rentals together. By adaptively revising the existing structures the project will actually add tress and not further complicate existing stormwater issues. The adaptive reuse of the facility, will allow the Vivo to bring a much needed product to our market. The success of the Vivo concept around the naGon and in other marketing in North Carolina, in providing affordable rental units with class A ameniGes has been tremendous. The only issue that we face now in the City is that they did away with the zoning classification we just received, of high density which allows for the property to be re-used as it sits today.

    With smaller parcels and pricing adaptive reuse of properGes like these will become more and more the norm, not the pariah in the the years to come.”

    For more information please contact the Hospitality team for the property, Nicholas Silivanch or John Hinnant at (910) 399 4602.

    Click here for more information!


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    “Taking a Look at Like-kind Exchanges”- Wilmington Business Journal

    Category : Market Knowledge

    Changes on the horizon for realtors, sellers, and investors 🌅 Check out “Taking a Look at Like-kind Exchanges” by Cece Nunn and featuring our own partner Nicholas Silivanch, for more on 1031 like-kind exchanges.

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    ReZoning of 50.79 acres at 94 Green Swamp Rd

    “Real Estate Solutions delivered in Real Time”

    Aerial view of the 50+ acres outlined

    Garry Silivanch and Parker Pelham of Eastern Carolinas Commercial Real Estate represent the Galloway Family and their three parcels of land consisting of 50.79 +/- acres.  The property is approximately 850 +/- ft from Hwy 211 and Hwy 17 intersection’s present location.  These parcels were rezoned to CLD- Commercial-Low Density to accommodate the DOT’s recent announcement on May 16th, 2019, of project U-5932; the roadway improvement plans for the intersection of US Hwy 17 and NC Hwy 211 (Green Swamp Road) in the year 2025.

    DOT Roadway Improvements & Current Business Locations

    The DOT plans to remove the grade level intersection and create a new intersection, removing the traffic light and adding an overpass so that Hwy 17 will now go over Hwy 211.  Once the DOT completes the interchange the Subject property will be approximately 300 +/- Ft from the on and off ramps.  The existing businesses located adjacent to the Subject property will be acquired through eminent domain.  Local, regional, and national businesses like Well Care health, Circle K, Bojangles, Hardees, and McDonalds will need to relocate.  The properties with the new zoning will now be able to relocate within proximity to their existing location.  The Subject property will have highway frontage after the completion of the DOT roadway improvements.  The parcels have access to water and sewer and now with CLD zoning these parcels will create a commercial hub for office, retail, hospitality uses, and potential multifamily residential/apartment complexes.

    For more information, please contact the Eastern Carolinas Commercial Real Estate, Garry Silivanch or Parker Pelham at (910) 399-4602.


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    Sale of 51.37 acres on Mount Misery Road

    “Real Estate Solutions delivered in Real Time”

    Eastern Carolinas Commercial Real Estate Inc is excited to announce the sale of six parcels totaling just over 51.37 acres in Leland, North Carolina. Eastern Carolinas Commercial Real Estate represented the sellers, Pura Vida Partners LLC in the transaction. The sellers had recently acquired the final part of the assemblage along Valerian Drive, adjacent to the Food Lion Center known as Leland Plaza. The Property which contains a large man made lake that is situated adjacent to the Leland Industrial Park, Leland Plaza and is in between the I-140 and Highway 74/76 on and off ramps. This property is and will continue to be a strategic location for Residential and Multifamily development, in a region that is rapidly growing. The
    accessibility to major roadways means this property is minutes to anywhere in the Wilmington Metro Area.

    Peter Vinyl with Peter Vinyl and Associates represented the purchasers in the transaction.

    Learn more about this sale from WilmingtonBiz Journal with the link below.

    http://www.wilmingtonbiz.com/more_than_51_acres_sell_in_leland/2021/09/21/more_than_51_acres_sell_in_leland/22336

    For more information please contact the Land team for the property, Nicholas Silivanch or David Branton at (910) 399 4602.


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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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    Closed : 311 Railroad Street – Wallace, North Carolina.

     

    311 Raleigh Street – 63,000 sf Cold Storage Warehouse Sold

    Eastern Carolinas Commercial Real Estate is excited to announce the recent closing on 311 Railroad Street in Wallace NC. This 63,100 sf facility was leased by eGourmet who is now the owner. This is the third location this distribution company owns nationally.

    ECCRE Brokers, John Hinnant and Garry Silivanch were involved in the sale with John representing the Purchaser and Garry representing the seller. John had this to say about the transaction:

    “This property type is red hot in southeastern North Carolina with the state port’s cold storage facility reaching near capacity. We had a lot of interest from regional economic developers and end-users from around the country, especially because it is within 100 miles of the state port. During the global pandemic caused by Covid-19, eGourmet experienced tremendous growth in business and the available work-force in Duplin County made this an easy decision” – John Hinnant

    For the Press Release click the link below.

    Wallace – 311 Railraod Street – Press Release

     

    Eastern Carolinas Commercial Real Estate is always ready to help our clients and potential clients locate, invest or lease space throughout our region. If your looking to Commercial Real Estate advice or to hire a broker call us at (910) 399 4602 for a free consultation on your commercial real estate needs.

     

     


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    Wilmington is hottest spot in nation for Relocations !!!!

    Category : Market Knowledge

    As any Wilmington Native can tell you, we have one of the best places to live in the county. Great year round climate, tons of activities and plenty of access to beaches, waterways and parks.

    Now the nation appears to have figured that out.

    This link will take you to a story on www.WECT.com which discusses the growth our region experienced in 2020.

    Wilmington #1 for relocations

    ECCRE is proud to represent residential acreage for new subdivisions, if you are looking to build a community give us a call.


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    Multifamily Land Development Acquisition : 17 Social

    Social 17 – New Multifamily project on S 17th Street in Wilmington NC.

    Eastern Carolinas Commercial Real Estate is excited to announce that their client DPJ Residential has purchased 7.8 +/- acres on South 17th Street for a new multifamily development called Social 17. For more information and to view the site plan please click the links below.

    Brokers represented DPJ Residential are Partner Nicholas Silivanch and Broker David Branton. If you have a tract of land you would like for our client to consider please reach out to us at (910) 399 4602.

    Partner and Broker – Nicholas Silivanch

    Broker, David Branton

     

     

     

     

     

     

    Wilmington Business Journal Article is located here. 

    17th Street Mixed-Use Rendered Site Plan_01.29.20

    ECCRE – Press Release – 17 Social


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    Kerr Avenue Retail-Commercial Space Leased!

    ECCRE is excited to announce the recent lease closing at 251 S. Kerr Avenue Unit B. This unit is 887 SF and is located in front of the Landing at Oak Court Apartments.

    The new tenant is a fruit juice and smoothie concept run by a local family. This center is the perfect place to start your new business up. Call ECCRE and ask for Kelly Silivanch for more details on the remaining unit there!

    (910) 399 4602

    Kelly Silivanch – Broker and Property Manager


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    Wilmington Market Overview Report End of June

    Category : Market Knowledge

    Click here for the end of June Market report on the Wilmington MSA

    Wilmington June Report MSA Summary