Print
Real Estate - Commercial

Lumina Station Sells For More Than $14.5M

By Vicky Janowski, posted Apr 7, 2015
A Myrtle Beach-based real estate investment trust has bought Lumina Station, the company announced Tuesday.
 
Burroughs & Chapin Company Inc. bought 68,794 square feet of retail and office space at 1900 Eastwood Road, according to a news release.

The purchase took place April 3, said Lei Gainer, spokeswoman for Burroughs & Chapin. Company officials did not disclose the purchase price.

According to a deeds filed with the New Hanover County Register of Deeds office, the total transaction was more than $14.5 million. Lumina Station Commercial purchased Lumina Station LLC for about $8.7 million and Lumina Station II LLC for $5.8 million.

The deal included all of the center's Phase I retail and office space as well as the retail section of Phase II, Gainer said. Offices in the Phase II portion not included are condo units that are individually owned, she said.

“It is a pleasure to have the opportunity to pass Lumina Station on to Burroughs & Chapin, a company that has a strong track record of owning and managing exceptional retail properties like Lumina Station,” Joel Tomaselli, owner and general manager of Lumina Station, said in the release.
 
He said he was “confident” the new owners would continue to invest in the center’s original vision “and take it to the next level.”
 
Lumina Station opened in 1996, and its tenant lineup includes 13 stores, six restaurants and cafes and four service businesses, officials said.
 
Burroughs & Chapin is a family-owned company and is one of South Carolina’s largest private landowners, according to the firm’s website. Its portfolio includes the 350-acre Broadway at the Beach complex, and the company bought the 100-acre Barefoot Landing in North Myrtle Beach last year. It also has a number of commercial properties it develops, leases and manages.

Lumina Station is the company's only property in Wilmington, Gainer said.
 
“Lumina Station embodies all the characteristics that Burroughs & Chapin looks for as we work to build a best-in-class retail portfolio that will create long-term value for our shareholders,” James W. Apple Jr., president and CEO of Burroughs & Chapin Company, said in the release. “A cornerstone of our company’s investment strategy is to acquire properties with enriching environments that are the center of retail, dining, and entertainment within their submarkets. These properties have unique environments where people want to shop and where retailers want to locate their business.”
 
In August, Lumina Commons retail center, which sits behind Lumina Station and is anchored by Harris Teeter, also was sold to a real estate investment trust when Phillips Edison-ARC Shopping Center REIT Inc. purchased the property for nearly $13.9 million.

Reporter Cece Nunn contributed to this story.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Nealjohnson 12191614553

Hot Neighborhoods in Carolina Beach

Neal Johnson - Network Real Estate
Webilm julieformal kellystarbuckcom mg 5471

Nonstop Flights Drive Real Estate Investment While Keeping Family and Friends Connected

Julie Wilsey - Wilmington International Airport
Burrus rob headshot 300x300

The Ultimate Professional Development Cheat Sheet for Organizations

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Hendrick Automotive To Operate Stevenson Honda Of Wilmington

Johanna Cano - Jun 19, 2018

Three New Stores Open At The Cotton Exchange

Johanna Cano - Jun 20, 2018

Axes To Fly At Former Red Barn Theater

Cece Nunn - Jun 20, 2018

Aloft Hotel Update: Contractor Chosen, Construction Expected Soon

Cece Nunn - Jun 21, 2018

The Wine Sampler Opens In New Location

Jessica Maurer - Jun 20, 2018

In The Current Issue

Millennials And Money

The age demographic that now represents the largest percentage of the workforce doesn’t feel confident about its saving and investing habits...


Banks Respond To Dodd-Frank Changes

Just how will the much-trumpeted recent changes to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act affect local financial...


Construction Zone: Updates On 4 Commercial Projects

Current commercial building activity in Wilmington includes retail and office space, with more planned in the coming years throughout the ar...

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