Real Estate - Commercial

Former Bailey Theater Property, Facade Have New Owner

By Cece Nunn, posted Dec 20, 2017
The facade is all that remains on North Front Street of the Bailey Theater. The property was recently purchased by a Wilmington company. (Photo from Historic Preservation Commission documents)
Property containing the last piece of a downtown Wilmington landmark has a new owner.

Global Property Holdings LLC of Wilmington purchased the tract that includes the Bailey Theater facade at 20 N. Front St. from GC Wilmington LLC for $285,000 on Dec. 11, according to a news release from Wilmington-based real estate firm Cape Fear Commercial and a New Hanover County deed.

Stamatia Saffo is the managing member of Global Property Holdings, as well as the treasurer of Saffo Contractors of Wilmington, state filings show.

Efforts to reach Stamatia Saffo were not immediately successful Wednesday. Global Property Holdings is described as a real estate investment/rental property business in its state corporations division documents.

The Bailey Theater, with its iconic art deco design, was built in 1942 and demolished in the 1980s, except for the facade. That's after historic preservation groups had mounted a campaign to save the whole structure. In March this year, the city of Wilmington's Historic Preservation Commission approved a request that would allow for the demolition of the deteriorating facade, but without a reduction in the required year-long wait.

During the March HPC meeting, Brian Eckel of Cape Fear Commercial, who was representing the previous owner of the property, said the owners had tried to save the facade because of its importance to Wilmington's history, but without success. He said at the meeting that the property would most likely be used to build a multi-story building.

This month, Eckel and Cape Fear Commercial broker Paul Loukas represented GC Wilmington LLC in its sale of the nearly 1-acre property.

Story On The Map

Ico insights



The Consequences of Over-Service

Chris Hinnant - Barnwell Whaley Patterson & Helms, PLLC
Burrus rob headshot 300x300

Things to Think About When Filing 2017 Business Tax Returns

Robert Burrus - Cameron School of Business - University of North Carolina Wilmington
Nealjohnson 12191614553

Five Signs It's Time to Sell Your Home

Neal Johnson - Network Real Estate

Trending News

ILM Set To Get New Jet Bridge, Readies For United

Christina Haley O'Neal - Mar 21, 2018

Washington NC-based Meal Prep Service Opens Wilmington Location

Jessica Maurer - Mar 21, 2018

Open Air Dining And Drinks At Cloud 9 Rooftop Bar

Jessica Maurer - Mar 21, 2018

Nori Asian Fusion & Sushi Bar Now Open At The Pointe At Barclay

Jessica Maurer - Mar 21, 2018

GE Aviation Invested $36M In Wilmington Last Year

Christina Haley O'Neal - Mar 20, 2018

In The Current Issue

Firm Adds Broader Perspective

When the members of Lumina Wealth Management want to add a national or international perspective to their conversations with clients, they h...

Partnership Aims To Speed, Enhance NCino Services

The firm announced that it is teaming up with Enforce LLC, a San Francisco-based consulting firm specializing in the implementation of cloud...

Hampstead Lures Commercial Projects

Those interested in creating new commercial development in recent months have been searching Pender County’s Hampstead area for suitable spo...

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