Wilmingtonbiz logo
Print
Real Estate - Commercial

National Used Car Retailer Buys Market St. Property For $4.5M

By Cece Nunn, posted May 16, 2017
CarMax Auto Superstores bought 15 acres in the 6000 block of Market Street last week. (Illustration courtesy of Cape Fear Commercial)
A national used-car retailer that's new to the Port City is on its way here after a $4.5 million purchase of land on Market Street, according to a recent announcement from Wilmington-based real estate firm Cape Fear Commercial.

CarMax Auto Superstores closed on the acquisition of 15 acres at 6016 and 6020 Market St. last week, the news release said.

The sale "speaks to the growth of our market and desirability of the area,” said Howard Coupland, a broker with Cape Fear Commercial, in the release.

Coupland represented the sellers, TF Holdings and RSW Properties, in the transaction.

CarMax operates more than 170 stores in 39 states.

"The company has identified Wilmington as a good fit for our current growth plan," said CarMax spokeswoman  Lindsey Duke in an email Tuesday.

CarMax entered into a purchase agreement for the property in 2015. Duke said Tuesday that it typically takes two to three years for CarMax "to secure a site, get necessary approvals, complete construction and open for business once we decide to move forward on any location."

Site plans for the CarMax facilities on Market Street, submitted in 2016, are marked as "Under Review" on the city of Wilmington's project tracking website.

CarMax usually invests between $10 million and $25 million on each store location, she said.

"We would anticipate a store in the Wilmington area to have approximately 200 vehicles in stock and staff approximately 15-100 people depending upon the store’s capabilities (service operations, reconditioning, auction services, etc.)," Duke said in the email.

The company continually evaluates new and existing markets, Duke said, and plans to open 13 to 16 stores in fiscal year 2018.

“We are pleased that CarMax has chosen Wilmington for a new location," Coupland said, "and hope to attract other national retailers to the Cape Fear region.”

Story On The Map

Join The Discussion

Similar Stories

Ico insights

INSIGHTS

SPONSORS' CONTENT

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

Service, Niche Retailers On Rise

New retail development on the way to the Cape Fear region is increasingly being leased by service and niche retailers as others find ways to adapt to changing consumer trends.

Back To Budget

Finding money to accomplish local goals remains at the top of the list for state legislators who represent the Cape Fear region. More than t...

Merger To Boost South State Bank

South State Bank will expand its local presence later this year when an announced merger with Park Sterling Bank becomes final. The transact...

Ico topnews Editor's Picks

Duke Plans To File Rate Increase Request In June

Christina Haley O'Neal - May 26, 2017 Trending News

Planning Panel Schedules Work Session On Short Term Rentals

Cece Nunn - May 26, 2017 Trending News

Real Estate Firm Moves Wilmington Office To Wrightsville Ave.

Cece Nunn - May 26, 2017 Trending News

PlayerSpace Named Coastal Entrepreneur Of The Year

Christina Haley O'Neal - May 24, 2017
Law Firms

Hamlet & Associates, PLLC

Ico trending Trending News

Ico newsinimages News in Pictures

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

Gallery Galleries

Video Videos

Wilmington's Most Intriguing People of 2016
WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 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