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
Michaelhiggins 41019104338

Preparing For The Loss Of A Spouse

Michael Higgins - Dignity Memorial
Mike stonestreet 300x300

Communicating In A Crisis: Part 1 – Defining A Crisis And Preparing Communication

Mike Stonestreet - CAMS (Community Association Management Services)
Chris coudriet

2020 Census Count Will Guide Important Funding For Our Region – And It’s Needed Now More Than Ever

Chris Coudriet - New Hanover County Government

Trending News

For $100M Waterfront Project, Construction Begins

Cece Nunn - Aug 10, 2020

Developers Plan $8.5M Spec Building In First Construction At Brunswick Megasite

Christina Haley O'Neal - Aug 11, 2020

Hendrick Acquires Auto Dealership From Neuwirth Motors, Completes Moves

Cece Nunn - Aug 11, 2020

Private Preschool Opening Wilmington Location

Cece Nunn - Aug 11, 2020

Home Sales Jump 34% In July, Realtors Report

Cece Nunn - Aug 10, 2020

In The Current Issue

Dosher Foundation Gets Golden LEAF Grant

Dosher Memorial Hospital Foundation received $378,000 from the Golden LEAF Foundation for an on-site well water system at the Southport hosp...


Major Project Would Impact Southport

The developer of River Place in downtown Wilmington is partnering with Bald Head Island Limited on a nearly 400-acre development dubbed Proj...


Some Of The Latest News On The PPP, Disaster Loan

Two programs offered by the U.S. Small Business Administration in­tended to help keep small businesses afloat during the current economic do...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`