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 "There were easement issues, right-of-way issues, family dynamics, an outdated lien against the property and finally roof damage thanks to Hurricane Florence, which all led to the necessity of three separate surveys."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
Mc2 56882

Building Insights: 2019 Homebuilding Industry Outlook

Scott Byers - Majestic Kitchen & Bath Creations
Jeff metrocopy

Public Adjusters are Your Advocates After the Storm

Jeffrey Feldstein - Metro Public Adjustment
Jim ellis headshot 10311631058

Why Your Company Needs a Corporate Video

Jim Ellis - Signal

Trending News

VentureSouth Starting Wilmington Angel Investment Group

Johanna Cano - Apr 23, 2019

Coastal Carolina Curling Club To Slide Into Own Facility

Johanna Cano - Apr 22, 2019

First New-Panamax Ship A Harbinger Of More Business For Port Of Wilmington

Jenny Callison - Apr 23, 2019

Tourism Development Authority Announces Appointments, Officers For 2019

Jenny Callison - Apr 22, 2019

Parr Earns Fellowship From Professional Organlzation

Jenny Callison - Apr 22, 2019

In The Current Issue

Hamilton Looks To Redefine The Entrepreneur

Entrepreneurship isn't limited to a select few, says Brian Hamilton, co-founder and CEO of Sageworks, who has been spreading that message i...


Harvesting Seafood Innovation

Can Wilmington become the home of seafood innovation in the United States? A two-day workshop April 23-24 at the University of North Carolin...


Beach Town's Hotels Seem To Rebound

While Hurricane Florence temporarily shuttered two Wrightsville Beach landmark hotels, along with numerous vacation rentals, the hemorrhage...

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

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018