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Real Estate - Commercial

National Seller Of Used Cars Plans To Drive Jobs To Market St.

By Cece Nunn, posted Jun 9, 2015

A national company new to the Wilmington area plans to drive jobs and used cars to Market Street.

Virginia-based car retailer CarMax Inc. has nearly 15 acres at 6016 and 6020 Market St. under contract, according to a purchase and sale agreement recorded June 5 in New Hanover County.

“We have identified this area as a good fit for our current growth plan,” said Michelle Ellwood, spokeswoman for CarMax, in an email this week.

She added that no timeline for the location has been announced.

CarMax typically invests between $10 and $25 million in each store, she said, and stores typically have between 200 and 400 vehicles in inventory.

“These will all be used vehicles,” Ellwood said. “As of today, we have 147 locations nationwide, and right now we are growing at 13 to 16 stores per year for the next several years. Our new stores can bring 15 to 100 jobs to a community.”

She said CarMax has been on Fortune Magazine's 100 Best Companies to Work For list for 11 years in a row.

CarMax announced in February that the company was recruiting for 2,500 positions in locations across the country, according to a BusinessWire.com story. According to the story, most of the open positions were in sales, with additional positions in service, purchasing and the business office.

The closest current CarMax location is in Fayetteville.

The sellers of the Market Street properties are RSW Properties and TF Holdings Limited Partnership, according to the agreement document. Raiford G. Trask Jr. is listed as a general partner with both companies and signed the agreement, as did CarMax Inc.'s vice president of real estate K. Douglass Moyers.

In an online MLS listing, the asking price for 6016 and 6020 Market St. was $4.65 million. The agreement document does not include a price.

Howard Coupland, vice president of brokerage for Cape Fear Commercial, is representing the seller in the transaction, and Ellwood said Currier Properties of Charlotte is representing CarMax. Coupland said Cape Fear Commercial's policy is to not disclose any specific details about a transaction until after it closes.

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