Real Estate - Commercial

Village At Myrtle Grove Shopping Center Sells For $9.5M

By Cece Nunn, posted Sep 28, 2016
Ziff Properties Inc. sold The Village at Myrtle Grove shopping center, which includes a 20,000-square-foot Staples, this month to Big V Properties for $9.5 million. (Photo courtesy of Ziff Properties Inc.)

A New York-based real estate investment and property management company recently bought The Village at Myrtle Grove on Carolina Beach Road for $9.5 million, according to a news release and a New Hanover County deed.

The Staples-anchored shopping center was one of three purchased by a Big V Properties limited liability company from Mount Pleasant, South Carolina-based Ziff Properties Inc.

"We like the Wilmington market," said Jeff Rosenberg, CEO of Big V Properties and managing partner of Big V Capital, on Tuesday afternoon. "We think it's growing and vibrant, and we're looking forward to working within the market to bring some new tenants to the shopping center." 

The Village at Myrtle Grove, a 74,370-square-foot center in the 5500 and 5600 blocks of Carolina Beach Road, includes local businesses in addition to national tenants. The center was about 87 percent occupied at the time of the sale. Home Depot owns its portion of the property, a more than 100,000-square-foot building and about 10 acres, according to property tax records.

Big V Properties' purchase in New Hanover County also came with two outparcels of a little less than an acre each and some unused land next to Staples.

"We have a whole bunch of outparcels [among the firm's properties and including The Village at Myrtle Grove] that we're working on for development purposes," Rosenberg said.

Rosenberg said Big V Properties will continue to market the existing spaces that are not occupied in The Village at Myrtle Grove to strong national, local and regional tenants. 

"We have multiple locations of national retailers in our shopping centers, and we'll be talking to them about these spaces as well," he said.  

The sale of The Village at Myrtle Grove marks Ziff’s complete exit from Wilmington’s commercial real estate market and the entrance of Big V, which is headquartered in Florida, New York. In North Carolina, the company also owns a center in Rocky Mount.

Big V Properties, which includes affiliate Big V Capital, focuses “on acquiring and managing 50,000SF-400,000SF class B neighborhood and community shopping centers in strong secondary demographic markets throughout the southeast United States,” according to the firm’s website. “We seek to acquire assets at well below replacement cost, with attractive current and projected yields and with significant upside opportunities.”

Big V Properties owns and/or manages 31 shopping centers, mainly in the Southeastern U.S., Rosenberg said.

In addition to The Village at Myrtle Grove, the Ziff portfolio of retail properties sold to Rosenberg's company also included Lancer Center in Lancaster, South Carolina, and Lanier Plaza in Brunswick, Georgia, for a total of $24 million, according to a Ziff news release.

Cushman & Wakefield’s Atlanta-based retail investment sales group was part of the team that brokered the off-market sale of the three centers, the Ziff release said.

Story On The Map

Ico insights



Using a Supplemental Needs Trust for the Benefit of a Disabled Person

Kara Gansmann - Cranfill Sumner & Hartzog LLP

Are You Lucky in Retaining IT Talent?

Marty Cayton - TeamLogic IT of Wilmington & Fayetteville

“Late-Stage” College Planning in Four Steps

Brett Tushingham - Tushingham Wealth Strategies

Trending News

Off The Beaten Path, These Cafes Are Worth Special Trips

Jessica Maurer - Mar 14, 2018

Developer Again Seeks Military Cutoff Rezoning With 'less-intensive' Plan For The Avenue

Cece Nunn - Mar 16, 2018

Steak N' Shake Still Aiming To Establish Wilmington Presence

Jessica Maurer - Mar 14, 2018

Marina Grill Opens Today At Port City Marina

Jessica Maurer - Mar 14, 2018

Toys R Us Demise Could Put Valuable Wilmington Property On Market

Cece Nunn - Mar 15, 2018

In The Current Issue

Info Junkie: David Reeser

Info Junkie David Reeser, CEO of IT Works, on his app and media picks....

Local Craft Brewery Events Draw Visitors

It’s no secret now that craft beer is big business. And as the number of local breweries continues to grow, they’re impacting the area econo...

MADE Winners - Arts Category

Intracoastal Iron & Metalwork LLC, Second Set Designs LLC/Tachits and TAY HAM are the winners in the MADE Arts Category....

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!



WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes