The property was on the market for 10 days before going under contract and closing in mid-December, according to an ECCRE news release.
Southern Hospitality Company sold 5023 Market St., formerly the Old Chicago restaurant, for $1.065 million to HHG2 LLC in October. The property will have a different use other than a restaurant, said Arizona-based Brent Roberts of HHG2 LLC.
"We work with a lot of health care-related groups so more than likely it's going to be health care that's in there," Roberts said.
Roberts also said, "We just love the location and we really enjoy North Carolina as a whole so that’s why we thought it would be a great property."
Hansen Matthews, partner in Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co., represented Southern Hospitality Company in the transaction.
Matthews said 2018 "will mark the year when you're going to begin to see more redevelopment of Market Street properties, where you're either taking buildings that have been built for one use and changing them over into another use or you're going to see properties that are razed and completely redeveloped. It's going to be an interesting time and it bodes well for the entire corridor."
Johanna Cano - Sep 13, 2019
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