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Real Estate - Commercial

Investors Buy Wilmington Shopping Center, Office Building

By Cece Nunn, posted Sep 4, 2020
Willow Woods Shopping Center on Oleander Drive sold recently for $2.5 million. (Photo courtesy of Cape Fear Commercial)
A shopping center and an office building in Wilmington recently changed hands in two separate transactions, brokers said this week.

Investors purchased Willow Woods Shopping Center at 5424 Oleander Drive for $2.5 million, according to an announcement from Wilmington-based commercial real estate firm Cape Fear Commercial.

The Willow Woods buyer was Hospitality Holding, and the seller was Woody Commercial LLC, tax records show.

Cape Fear Commercial's broker in charge Paul Loukas, along with partner Mike Brown, represented the seller in the transaction, which closed in early August.

“It’s incredible to think how fast the investment sales market has rebounded since the start of the pandemic," Loukas said in the announcement. "While we had to get creative to keep deals alive during the initial shutdown, activity and pricing is now getting back to where we were pre-COVID.” 

Tenants in the approximately 22,000-square-foot center include Alliance Fitness Center and Rebel Hot Yoga. The buyer was represented by Steve Hall, partner with another Wilmington-based commercial real estate firm Maus, Warwick, Mathews & Co.

Loukas and Patrick Riley represented the seller, Cerulean LLC, in the more than $3.1 million sale of the 23,000-square-foot, multi-tenant Class-B office building at 2033 Corporate Drive.

The buyer was Cary-based Corporate Dr 2033 LLC.
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