Print
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.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

The Rise of Artificial Intelligence: What Does It Mean for Our Region?

Robert Burrus - Cameron School of Business - UNC-Wilmington
Infinity 891835159

What is EMV and Am I Liable?

Kyle Thorpe - Infinity Payment Systems
Chris coudriet

County Construction Projects Stay on Budget & on Schedule

Chris Coudriet - New Hanover County Government

Trending News

Homebuilder Branches Out With Flooring Business

Cece Nunn - Apr 17, 2019

Oceanic Prepares To Reopen

Jessica Maurer - Apr 17, 2019

Porters Neck Rezoning Request To Bring Lots For Sale

Johanna Cano - Apr 18, 2019

In $15.7M Deal, Alcami Sells Wilmington Technology Center, Leases It Back

Cece Nunn - Apr 18, 2019

Swamp Thing Filming Halt May Reflect Streaming Wars

Jenny Callison - Apr 17, 2019

In The Current Issue

MADE: GE's 50 Years In Wilmington

A look at GE Hitachi Nuclear Energy, a provider of advanced reactor technology and services, which has been a major part of Wilmington's bus...


Beach Town's Hotels Seem To Rebound

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


Navigating New Traffic Solutions

As the area continues to attract new residents and businesses, as well as bumper crops of tourists, the challenge of improving traffic flow...

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