Wilmington-based Intracoastal Realty Corp. is buying Bald Head Island Limited LLC businesses, including its residential real estate brokerage sales and vacation rental-property management, according to an announcement Tuesday.
Intracoastal Realty, founded by Jim Wallace in 1976, is also buying or leasing several properties on the island, a community accessible only by ferry that contains some of the highest-priced real estate in North Carolina.
The properties include Bald Head Island Limited's real estate brokerage sales office at 4 Marina Wynd near the island’s ferry landing; the vacation rental-property management laundry/housekeeping facility on Edward Teach Wynd Extension; and part of the Island Chandler building at 6 Marina Wynd, which currently houses the vacation rental-property management office, a news release from Bald Head Island Limited and Intracoastal stated.
The sale is expected to close on or around Feb. 24, according to the release. The financial details of the transaction were not disclosed.
The release stated that Intracoastal Realty’s residential real estate brokerage sales office on the island will be managed by Ken Mowbray, previously broker in charge for Bald Head Island Limited Real Estate Sales.
Rob Wright and Wendy Irick, broker in charge and general manager for Bald Head Island Limited Property Management, respectively, will work for Intracoastal Realty on the island in their same roles.
Bald Head Island Limited LLC will continue to own and conduct developer real estate sales and operations on the island.
“Intracoastal Realty’s expanded presence on Bald Head Island creates a sustainable third-party residential real estate brokerage sales and vacation rental-property management platform positioned for growth,” said Chad Paul, CEO for Bald Head Island Limited LLC, in the release.
“The strength of the Intracoastal Realty brand, their global reach, and the company’s proven success in the region’s residential real estate brokerage and vacation rental-property management markets is an unbeatable combination for serving the island’s current and future needs."
Led by Wallace and his son Trey, president of the firm, Intracoastal Realty operates 14 other real estate brokerage offices in Brunswick, New Hanover and Pender counties. The company’s real estate sales volume for 2019 was about $1.2 billion, the release stated.
“In the coming months, we’ll be working with Bald Head Island Limited’s team to seamlessly transition the residential real estate brokerage and vacation rental-property management businesses onto our operations and marketing platforms," Trey Wallace said in the release. "The process will be gradual as we look to marry the best aspects of both companies and leverage Bald Head Island Limited, LLC’s tremendous employee talent pool."
Paul said the sale "furthers Bald Head Island Limited’s goal of transitioning legacy assets to a diverse and competent group of third-party owners, operators and stakeholders.
"With Bald Head Island in a mature phase of development, continued diversification of business ownership supports the island’s long-term health and viability.”
Trey Wallace said Intracoastal Realty's ultimate objective is to become the market leader in residential real estate brokerage sales and vacation rental-property management on the island.
The island itself was purchased out of receivership in 1983 by George Mitchell, and the Mitchells set aside 2,000 acres of the island's 12,000 acres for development, while the rest was put in a conservation trust.
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