A transformation has come over the Rainbow.
Rainbow Square, a small strip center built in 1974 at 3901 Wrightsville Ave. in Wilmington, was gutted and revamped, and now has a new facade and a new tenant.
Coastline Therapy Group offers occupational, speech and physical therapy in one portion of the center, while another is for lease.
Before its transformation, the property was in need of a lot of attention, including being brought up to code, said listing agent Steve Hall, partner with Maus, Warwick, Matthews & Co. Plans for the changes were submitted last year by owner Tribute Companies.
Remarkable Properties LLC, a Tribute Companies entity, purchased the 11,200-square-foot center for $660,000 from TBP LLC in November 2018.
The rear of the property is going to be used for the clubhouse and leasing office for student housing complex Elevation Apartments, also owned by Tribute, Hall said.
In the commercial center, “We have 3,200 square feet left that will be great for an office or light retail user, which could be subdivided into two, 1,600-square-feet sections if need be.”
Hall said more changes could be coming to the surrounding area as some of the older properties continue to be redone and updated.
“On Wrightsville Avenue in that little corridor, I think things are starting to turn a little bit. I think the improvements will progress the closer you get to Independence Boulevard and the Covil Avenue intersection,” Hall said. “As you ride down there, you’ll start seeing some really cool changes.”
City Club, Event Center On The Market For $7.5 Million
Emma Dill
-
Apr 16, 2024
|
|
Wilmington Tech Company Tapped For Federal Forestry Contract
Audrey Elsberry
-
Apr 15, 2024
|
|
Commercial Real Estate Firm Promotes Adams, Mitchell To Vice President Roles
Staff Reports
-
Apr 16, 2024
|
|
New Hanover Industrial Park To Get $3.3M In Incentives For Expansion, New Jobs
Emma Dill
-
Apr 15, 2024
|
|
Gravette Named Executive Director Of Nir Family YMCA
Staff Reports
-
Apr 16, 2024
|
“Our little town, especially the mainland area, is growing by leaps and bounds. So having somewhere else besides the beach for kids to go an...
Michelle Penczak, who lives in Pender County, built her own solution with Squared Away, her company that now employs over 400 virtual assist...
W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.