Print
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.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Understanding the AI Ladder

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Img 0621

What Will the Postcard Tax Form Mean for 2018 Filings?

Karen Durda - Century Accounting and Tax Services, Inc.
Yasminheadshotwithlogo

Word Power

Yasmin Tomkinson - Cape Fear Literacy Council

Trending News

A First Peek At Downtown Wilmington's Latest Luxury Apartment Plans

Cece Nunn - Jul 12, 2018

Cameron Land Firm Sues DOT Over Previous Restrictions On 1,800 Acres

Cece Nunn - Jul 13, 2018

Realtors Describe Thriving Market, Concerns For Future

Cece Nunn - Jul 13, 2018

Former Rite Aid Locations In Wilmington Available For Lease

Johanna Cano - Jul 13, 2018

What’s Next In Local Grocery Wars?

Cece Nunn - Jul 13, 2018

In The Current Issue

PPD Introduces New Patient Enrollment Model

Wilmington-based PPD recently introduced a new patient enrollment model “that significantly reduces the time and cost of conducting clinical...


What’s Next In Local Grocery Wars?

The Cape Fear region is likely to remain a tempting prospect for grocery store chains considering areas for growth, developers say, although...


Sharks Baseball Takes Bigger Bite

The 20th anniversary of Wilmington Sharks baseball in 2017 came with somewhat of a reboot, led by new owners and a renewed focus on improvin...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes