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Real Estate - Commercial

Downtown Office Building Changes Hands In $3.7M Deal

By Cece Nunn, posted Nov 18, 2019
In downtown Wilmington, 720 N. Third St. at The Promenade sold recently for $3.7 million. (Google.com photo)
An investor purchased a five-story office building and adjacent parking lot recently in downtown Wilmington in a $3.7 million transaction.

Built in 2001, the building, 720 N. Third St. at The Promenade, was previously owned by Wilmington builders and developers David Nathans and David Spetrino.

Nathans and Spetrino replaced what had been a junkyard for decades with the office building and residential uses in the mixed-use development The Promenade. In addition to the office building, The Promenade also includes condominium buildings.
 
The company that purchased the office building as part of a 1031 exchange is Parbec LLC, managed by V. Parker Overton and his wife, Becky Overton. V. Parker Overton founded the Overton’s water sporting goods business in Greenville in 1975, which at one time had a store in Wilmington before the business was sold in 2003. It’s now owned by Camping World.
 
Michael Overton, president of Greenville-based commercial real estate brokerage firm The Overton Group, and his colleague Andrew Denton represented the Overtons, Michael Overton's parents, in the transaction.

"It's in a great location in downtown Wilmington with just a lot of vibrancy in the area," Michael Overton said of one of the reasons behind the purchase.

The parking lot that was also part of the deal, he said, allows room for expansion.

Michael Overton, who started The Overton Group in 2013, said his firm plans to open an office in Wilmington over the next six months, but it remains to be seen whether the office will be in 720 N. Third St. at The Promenade.

Sam Pate and Wade Currie of The Overton Group in Wilmington represented the sellers.

Pate, a commercial appraiser and broker who has been in the Wilmington market since 2007, said downtown Wilmington continues to be attractive to investors as it grows.

"There's just so much new development going on with apartments and mixed-use communities that it is really amazing, and I think there will be a lot of growth for years to come."
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