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Real Estate - Commercial

Lumina Commons Sold For Nearly $13.9M

By Cece Nunn, posted Aug 5, 2014
A real estate investment company has bought Lumina Commons shopping center for nearly $13.9 million, officials announced Tuesday.

The sale closed on Monday, according to a news release from Coldwell Banker Commercial Sun Coast Partners.

Nicholas Silivanch, vice president of retail leasing and acquisitions for the real estate firm and vice president of Team Silivanch, represented the buyer, Phillips Edison-ARC Shopping Center REIT Inc., in the transaction, the release stated.

Anchored by a Harris Teeter grocery store, the shopping center at 1930 Eastwood Road includes other national, regional and local tenants such as West Marine, Crest Fitness and David’s Deli.

The shopping center was not previously on the market. The sale came about after Phillips Edison-ARC hired Silivanch to look for investment-worthy properties in the area, something he will continue to do, Silivanch said.

“They feel the overall market of Wilmington is a strong, viable market, and that this property is in a solid location,” Silivanch said.

In North Carolina, Phillips Edison-ARC’s portfolio includes shopping centers in Cary, Chapel Hill, Fayetteville, Sanford and Waxhaw. In July, the company announced that it had bought 20 grocery store-anchored shopping centers during the second quarter of 2014, including a center anchored by a Publix in Taylors, South Carolina.

The company is a public, non-traded REIT co-sponsored by Phillips Edison & Company and AR Capital LLC, according to company information. As of July, it owned and managed a portfolio of 120 grocery-anchored shopping centers with about 12.6 million square feet of gross leasable area.

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