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Real Estate - Commercial

Carolina Beach Center Sells For $2.25M

By Cece Nunn, posted Sep 27, 2017
Cross Bridge Village in Carolina Beach recently sold to investors for $2.25 million. (Photo courtesy of Eastern Carolinas Commercial Real Estate)
Local investors recently purchased a Carolina Beach retail center for $2.25 million, brokers said this week.

BBG Real Estate of Carolina Beach bought Cross Bridge Village, a 12,700-square-foot center at 1206 N. Lake Park Blvd., on Sept. 18 from James and Lisa Wilkins.

The center is anchored by Michael’s Seafood Restaurant, and other tenants include Island Massage & Spa, Carolina Beach Jewelers, Unified Alerts, Island Beverage and Nails Image.

In a recent lease, The Southerly Biscuit & Pie is expected to open in the spot at the center that's currently occupied by Big Apple Bakery, potentially by November. The center is currently fully leased.

Julie Stephenson, a broker with Wilmington-based Eastern Carolinas Commercial Real Estate, represented BBG Real Estate in the lease with The Southerly, and also represented BBG, along with ECCRE Broker in Charge Garry Silivanch, in the purchase of Cross Bridge Village.

New homes and businesses, especially those involved in the food and beverage industry, are on the rise at Carolina Beach and in surrounding areas, Stephenson said.

Steve Warwick and Jason Windham, brokers with Wilmington-based Maus, Warwick, Matthews & Co., represented the sellers of Cross Bridge Village, which was built around 2003.

"Activity's definitely up. Interest is definitely up," Warwick said of Carolina Beach real estate. "The commercial real estate market follows the residential market, and a lot of activity residentially is always good for commercial."

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