Print
Real Estate - Commercial

Downtown Office Building Changes Hands In $3.7M Deal

By Cece Nunn, posted Nov 18, 2019
In downtown Wilmington, 720 N. Third St. at The Promenade sold recently for $3.7 million. (Google.com photo)
An investor purchased a five-story office building and adjacent parking lot recently in downtown Wilmington in a $3.7 million transaction.

Built in 2001, the building, 720 N. Third St. at The Promenade, was previously owned by Wilmington builders and developers David Nathans and David Spetrino.

Nathans and Spetrino replaced what had been a junkyard for decades with the office building and residential uses in the mixed-use development The Promenade. In addition to the office building, The Promenade also includes condominium buildings.
 
The company that purchased the office building as part of a 1031 exchange is Parbec LLC, managed by V. Parker Overton and his wife, Becky Overton. V. Parker Overton founded the Overton’s water sporting goods business in Greenville in 1975, which at one time had a store in Wilmington before the business was sold in 2003. It’s now owned by Camping World.
 
Michael Overton, president of Greenville-based commercial real estate brokerage firm The Overton Group, and his colleague Andrew Denton represented the Overtons, Michael Overton's parents, in the transaction.

"It's in a great location in downtown Wilmington with just a lot of vibrancy in the area," Michael Overton said of one of the reasons behind the purchase.

The parking lot that was also part of the deal, he said, allows room for expansion.

Michael Overton, who started The Overton Group in 2013, said his firm plans to open an office in Wilmington over the next six months, but it remains to be seen whether the office will be in 720 N. Third St. at The Promenade.

Sam Pate and Wade Currie of The Overton Group in Wilmington represented the sellers.

Pate, a commercial appraiser and broker who has been in the Wilmington market since 2007, said downtown Wilmington continues to be attractive to investors as it grows.

"There's just so much new development going on with apartments and mixed-use communities that it is really amazing, and I think there will be a lot of growth for years to come."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshot2 3182020512

Strategies For Combating Coronavirus In Indoor Air Environments

Chris Jones - Green Dot Heating & Air
Alycephillipsnew2

Trustees Can Face Tricky Technical And Personal Challenges

Alyce Phillips - Old North State Trust LLC
Michaelhiggins 41019104338

Dignity Memorial Expands Offerings

Michael Higgins - Dignity Memorial

Trending News

Office Developer Buys Market Street Property For $1.35M

Cece Nunn - Apr 9, 2020

Small Business Loans: Wells Fargo Limit Lifted; Live Oak At Capacity

Jenny Callison - Apr 9, 2020

Q&A: Slice Of Life Pizzeria & Pub

Jessica Maurer - Apr 8, 2020

UNCW Announces New Provost

Johanna Cano - Apr 8, 2020

OPINION: Update Pay Loan Rules To Address Restaurants

Jud Watkins - Apr 7, 2020

In The Current Issue

Regional Rift

To the federal government 20 years ago, the Wilmington area truly was the tri-county region. But in 2013 that changed....


Apiture Partners With Texas-based Firm

Wilmington-based financial technology firm Apiture’s choice of a tech partner enabled it to move its clients from a legacy data system to th...


Area Attorneys Chosen For 2020 Legal Elite List

Hundreds of lawyers made Business North Carolina magazine’s Legal Elite list this year. The group included Wilmington-area lawyers....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`