An eight-year commercial real estate journey has come to a close in Mayfaire's office park.
The Offices at Mayfaire VI sold recently to Raleigh investors, according to an announcement Tuesday. The deed shows the buyer, Ticon Properties, paid $11.7 million to previous owner The Offices at Mayfaire VI, an entity of Wilmington-based development firm SAMM Properties.
The 40,500-square-foot office building is leased in its entirety by banking software company nCino.
Offices at Mayfaire developer Steve Anderson of SAMM Properties led the creation of 222,500 square feet of office space within the Mayfaire office park from 2011 to 2019.
Anderson said his team included Steve Hall, partner with Wilmington-based commercial real estate firm Maus, Warwick & Matthews, Brandon Lisk with Mckinley Building Corp., David Martin with Murchison Taylor and Cothran Harris with Harris Architecture.
Office space is in high demand in various parts of Wilmington, but especially in the Mayfaire area.
"We constantly get calls for suites that range in size for Mayfaire and unfortunately we just don't have the inventory to lease it or sell it," Hall said Tuesday.
But more space is on the way to Military Cutoff Road, Eastwood Road and nearby.
Although the sale of The Offices at Mayfaire VI concludes the series of six office buildings within the Mayfaire office park, Steve Anderson and his son Parker Anderson of SAMM Properties "are excited to transition into their next development, Bradley Creek Station
, an 80,112-square-foot building that will consist of class A retail space on the first floor and class A office space on the second and third floor with the option to lease or purchase," the announcement stated.
Bradley Creek Station on Oleander Drive is set to begin construction in March with an anticipated completion date of first quarter of 2020.