Print
Real Estate - Commercial

Georgia Investor Buys Waffle House Space In Downtown Wilmington

By Cece Nunn, posted May 9, 2018
Pace Burt, a developer and real estate investor based in Albany, Georgia, purchased the first floor of the former Soapbox building, now home to a Waffle House, on North Front Street. (Photo by Cece Nunn)
A Georgia-based developer known for turning historic properties into residential projects has invested for the first time in downtown Wilmington real estate.

Pace Burt, of Pacebook & Associates in Albany, Georgia, bought the first floor of the former Soapbox building, where a Waffle House restaurant opened earlier this year, at 255 N. Front St. Burt paid $700,000.

"I'm an investor and I just kind of looked at the lease on the Waffle House and the location and thought it was going to be a good long-term play," Burt said Wednesday. 

Burt, who has apartments under construction in Asheville and has multi-family developments throughout the Southeast, said he might invest more in Wilmington in the future.

Eastern Carolinas Commercial Real Estate broker Nicholas Silivanch represented the seller, North Front LLC, in the transaction. North Front LLC owns the remainder of the building. 

Silivanch said after Waffle House hiring announcements for the location were made several months ago, the seller got multiple offers for the space from potential buyers. 

North Carolina is "a great state to do business in, and Wilmington just blew me away with how beautiful it was," Burt said.

While the Waffle House space is an investment rather than a renovation project for Burt, he said 75 percent of his portfolio consists of historic renovations.

Burt purchased the Monaghan Mill in Greenville, South Carolina, in 2003 and converted it to The Lofts of Greenville, according to an Upstate Business Journal article. The Lofts of Greenville is one of several mill projects Burt has undertaken with the help of historic tax credits.

These days, historic properties in Wilmington and elsewhere are getting harder to find, Burt said.

"These downtown buildings have just quadrupled in price in the last five years because there's such a demand," Burt said.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

When And How To Make Changes To Your Association's Governing Documents

Mike Stonestreet - CAMS (Community Association Management Services)
Lyleheadshot2017 1251720228

Why I Like To Hear No

JC Lyle - Wilmington Area Rebuilding Ministry
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Masterstroke — the Art of Venture Creation

Diane Durance - UNCW Center for Innovation and Entrepreneurship

Trending News

Bankruptcy Filing: Vertex Railcar Owes More Than $45M

Cece Nunn - Nov 19, 2019

Beach & Barn Raises $230K

Johanna Cano - Nov 19, 2019

Group Forms To Oppose Hospital Sale Or Partnership

Johanna Cano - Nov 20, 2019

Wave Transit To Unveil New Downtown Trolley Next Week

Christina Haley O'Neal - Nov 19, 2019

Area Restaurants Honored At Taste Of Wrightsville Beach 

Jessica Maurer - Nov 20, 2019

In The Current Issue

MADE: Mounting An Expansion

Grunt Tough is a software and traditional manufacturing company; products are made and distributed out of its Wilmington facility....


Sport Attracts Players To Leland

When you want to socialize and engage in a multi-generational activity, Leland has a place to go: the House of Pickleball....


Digital Human Helps Hearts

Hanna is the work of Marie Johnson, managing director at Centre for Digital Business in Australia, Chris Hillier, New Hanover Regional Medic...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

August 26, 2019 Power Breakfast: A Healthy Sale?
WILMA's Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`