Wilmingtonbiz logo
Print
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

Join The Discussion

Similar Stories

Ico insights

INSIGHTS

SPONSORS' CONTENT
Susan willett 300x300

What Retirees Need to Know

Susan Willett - Old North State Trust, LLC
1 shaun olsen 300x300

Marco Marsala: A Cautionary Tale

Shaun Olsen - CloudWyze
Martyheadshot

Step Up Your Communication Technology

Marty Cayton - TeamLogic IT of Wilmington & Fayetteville

Book On Business

Bob2017

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Funding Options Remain On The Table

Even in these days of tightening federal and state budgets, there is a piece of good news for small businesses that want to grow through exporting. The federal Small Business Administration has announced that it still has grant funds available through its State Trade Expansion Program in the current fiscal year.

Four Decades Of Happy Meals

After more than 40 years with McDonald’s, Dennis Anderson, owner of McAnderson’s Inc. and Wilmington-based franchisee, has seen more than ju...

First Citizens Moves Ahead With Acquisition Effort

Following the rebuff of its initial proposal to acquire KS Bancorp, Raleigh-based First Citizens Bancshares has upped its offer and announce...

Ico topnews Editor's Picks

State Lawmakers Meet In Wilmington To Discuss GenX

Christina Haley O'Neal - About 4 hours ago

After RiverLights Success, Homebuilder Plans To Expand In Wilmington Area

Cece Nunn - About 6 hours ago

Board Members Appointed To Brunswick's New Economic Development Group

Christina Haley O'Neal - Aug 22, 2017

Graphic Design Firm Moves To 2nd Floor Of Downtown Building

Cece Nunn - Aug 22, 2017 Trending News
Consulting

Leggett PLLC

Ico trending Trending News

Higher End Of The Housing Market Shows Renewed Life

Cece Nunn - Aug 21, 2017

Graphic Design Firm Moves To 2nd Floor Of Downtown Building

Cece Nunn - Aug 22, 2017

Sage Island Welcomes New Digital Media Specialist

Christina Haley O'Neal - Aug 22, 2017

ILM Welcomes New Board Members

Christina Haley O'Neal - Aug 22, 2017

Local Realty Group Hires VP, Director Of New Homes Sales

Christina Haley O'Neal - Aug 22, 2017

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Power Breakfast: Coach C.B. McGrath - June 2017
Wilmington's Most Intriguing People of 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad