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Real Estate - Commercial

KFC On Market Street Update: More Than $1M For Less Than 1 Acre

By Cece Nunn, posted Mar 25, 2019
The site of a planned Kentucky Fried Chicken location on Market Street sold to a franchisee for $1.1 million. (Courtesy of MPV Properties)
The site of a planned Kentucky Fried Chicken location on Market Street in Wilmington was purchased by a Laurinburg-based KFC franchisee for $1.1 million, according to an announcement Monday.

The 0.9 acre site at 5120 Market St., a former bank location on the southeast corner of Market Street and New Centre Drive, will become a KFC fast food restaurant with a drive-thru, the announcement from Charlotte-based MPV Properties stated.

"The buyer plans to commence construction this summer, with an anticipated opening in the fall," according to the release.

Brad Murr and Austin Easter of MPV Properties represented the seller, MPV, and Jeremy Phillips of Wilmington-based Environments Unlimited Commercial Real Estate represented the buyer, Scottish Food Systems Inc., in the transaction.

MPV Properties bought the property, previously home to a PNC Bank branch, for $870,000 from PNC, in a deal that closed in September last year in Charlotte.

"We're glad that we could get something worked out with the KFC franchisee, and hopefully it's a great location for them in the future," Easter said Monday. "I think they'll do really well there."

Scottish Food Systems Inc., a restaurant management company with corporate offices in Laurinburg, according to the firm's website, bought the property via its firm Laurinburg KFC Take Home Inc. 

The property is zoned regional business (RB) and permitted uses include restaurants and fast food. The site plan is still marked as "under review" in the city of Wilmington's project tracking system.
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