Commercial leasing and brokerage activity in 2013 continued its comeback throughout greater Wilmington, posting a nearly 39 percent increase over 2012 totals, according to a report released this week.
A total of 100 retail transactions were reported in New Hanover, Brunswick and Pender counties in 2013, according to Commercial MLS data collected from the Realtors Commercial Alliance of Southeastern North Carolina.
That’s up from 72 transactions recorded in 2012.
The amount of space leased also went up in 2013 from the previous year.
More than 225,000 square feet of office and retail space was leased to retailers and businesses throughout the region last year for an average of $13.72 per square foot – up from 210,000 square feet of space recorded in 2012 when prices fetched $12.82 per square foot.
Since brokers are not required to record all of their transactions, the regional Commercial MLS report does not reflect all of the area’s transactions. It does, however, pinpoint parts of the region that are seeing heavy retail leasing activity along with what property has been leased.
Many of the lease transactions occurred in the midtown, South College Road corridor near the University of North Carolina Wilmington, Porters Neck, Ogden, Monkey Junction and Mayfaire areas.
Hampstead, Leland and Carolina Beach also experienced increased commercial leasing activity last year.
Team Silivanch of Wilmington-based Coldwell Banker Commercial Sun Coast Partners recorded the highest volume of leases in the annual report, completing 32 transactions last year that filled more than 85,000 square feet of retail space across the area.
The largest transaction completed last year, according to the report, was by Jeff Idol, a broker with Wilmington-based Maus Warwick Matthews & Company.
Idol said leased 8,300 square feet of retail space to The Eclectic Ect. – a mall that rents out booths to consignment and craft sellers – in the University Square Outlet Mall at 831 S. Kerr Ave.
The space was formerly occupied by Teacher’s Aid – a long-time education resources and equipment store that recently relocated to Long Leaf Mall in south Wilmington.
Idol, along with Jeff Dunlea, a representative with Wilmington-based Dunlea Group whose family owns the shopping center, executed the lease in November.
Overall for the year, Coldwell Banker Commercial Sun Coast Partners accounted for 48 percent of the completed lease transactions, according to information submitted to the Commercial MLS. Maus Warwick Matthews & Company followed with the next-largest segment at 16 percent.
Though not reflected in the Commercial MLS report, several other major transactions also added to market activity last year.
One was the sale of two large apartment complexes near the University of North Carolina at Wilmington – Camden Forest and Wilshire Landing – to Raleigh-based Preiss Company in December for $29 million.
Richard R. Cotton, a broker with Wilmington-based Multifamily Realty Advisors LLC, represented Adam Sosne, managing partner and developer of Wilmington-based MFH Construction, during the transaction.
Another took place Sept. 27 when officials with Swain & Associates closed on the sale of The Forum to two pension groups for $24.7 million, or $233 per square feet.
The Forum is a 105,000-square-foot shopping center on 13.6 acres at 1125 Military Cutoff Road.
Lori Schneider, senior vice president of investments in Marcus & Millichap’s Fort Lauderdale, Fla. office, represented Swain & Associates. Schneider also secured the buyer, L&B Realty Advisors LLP, a pension fund advisor to Dow Chemical.
