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
Headshot2 3182020512

Loud HVAC Noises Often Point To Hidden Issues

Chris Jones - Green Dot Heating & Air
Brochurepicture 7312020434

Five Money Myths To Ignore

Creighton Hayworth - Ameriprise Financial
Dallas headshot 300x300

The Process Of Selling Your Business Has Already Begun

Dallas Romanowski - Cornerstone Business Advisors

Trending News

Realtor Opens My Sister's Cottage At Mayfaire Town Center

Cece Nunn - Oct 27, 2020

Wilmington Port Reaches Major Container Ship Milestone, Making History

Christina Haley O'Neal - Oct 27, 2020

Port City Produce Rebrands, Prepares To Move To New Market St. Location

Jessica Maurer - Oct 27, 2020

Hose Manufacturer Moving Forward On Headquarters In Pender

Christina Haley O'Neal - Oct 29, 2020

TopSea Wingz Coming To Hampstead

Jessica Maurer - Oct 27, 2020

In The Current Issue

NHC Commissioner Candidates

Voters can pick three of the six New Hanover County commissioner candidates, who share their viewpoints and goals here....


Health Care Heroes: Health Care Professional

The Health Care Professional category honors any health care providers other than physicians or nurses whose performance is considered exemp...


Health Care Heroes: Volunteer

The Volunteer category honors a volunteer at a health care provider or other health-related organization who is considered exemplary by peop...

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`