Print
Real Estate - Commercial

Sunset Park Commercial Property To Be Revamped, Brokers Say

By Cece Nunn, posted Nov 30, 2018
The property at 214 Southern Blvd. has been sold to a developer who plans to revamp the structure, which includes a convenience store, laundromat and an apartment, according to a news release. (Photo courtesy of Coldwell Banker Commercial SunCoast)

A building that includes a convenience store in Wilmington's Sunset Park neighborhood could soon see new life, according to an announcement Friday.

Ayize Glenn Gray, a broker with Coldwell Banker Commercial SunCoast, recently negotiated the sale of 214 Southern Blvd., which had been in the family of one of the sellers, Bobby Schupp, for more than 40 years, according to a news release from Gray's firm.

The building contains a laundromat, which is no longer operating, a three-bedroom apartment and the "mom-and-pop" convenience store.

The $193,000 sale of the property, along with part of 202 Southern Blvd., took place at the end of October to Chart Table Investments LLC, managed by J.F. Larsen, according to the deed and state records.

According to the news release, the buyer, Larsen of Gulf Commercial Properties, has a 30-year history of developing properties in the Wilmington area.

"Citing a strong building with good bones, Larsen intends to reinvigorate the property, install new equipment in the laundromat, put in new landscaping and lighting, and continue operations of [a] convenience store, in order to service the Sunset Park community," the release stated.

The apartment is set to be updated, and Larsen is also hoping to build some affordable housing and apartments on the additional land included in the transaction, according to the release.

After the property had been listed for two years, the listing was referred by a residential agent to Gray, who "was able to procure a buyer for the property quickly, but unforeseen challenges led to difficulty in closing the deal," the news release stated. "There were easement issues, right-of-way issues, family dynamics, an outdated lien against the property and finally roof damage thanks to Hurricane Florence, which all led to the necessity of three separate surveys."

Gray said in the release, “As a commercial broker it was a privilege to help a family dispose of a hard-to-sell property, manage and navigate a somewhat difficult process to close."

Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Three Primary Responsibilities Of Your HOA’s Board Of Directors

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

Smart, Responsible Development Is Key For New Hanover County

Chris Coudriet - New Hanover County Government
Headshot2 3182020512

How Dehumidifiers Increase Efficiency, Air Quality

Chris Jones - Green Dot Heating & Air

In The Current Issue

2020: A Year Of Health Care Heroes

Because of the pandemic, the Business Journal downsized its an­nual Health Care Heroes Awards to honor the 35 finalists at an outdoor event...


Making The Area Sweeter

Carolina Candy Co. is family-owned and operated maker of gourmet toffees and chocolate confections....


With Growing Firm, Veteran Secures Jobs

Hostess Cakes brought D.J. Oates to North Carolina; fire kept him here, where he founded Optimum Fire & Security six years ago....

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`