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Real Estate - Commercial

Novant Health Buys Wilmington Building For Coastal Market Corporate Office

By Cece Nunn, posted Aug 10, 2021
The office building at 2605 Iron Gate Drive in midtown Wilmington now belongs to Novant Health. (Photo courtesy of The CRESS Group)
A Novant Health and NHRMC entity bought a midtown Wilmington office building this week that will serve as Novant's new coastal market corporate office, officials said Tuesday.

Novant Health New Hanover Regional Medical Center LLC purchased the more than 21,000-square-foot facility at 2605 Iron Gate Drive. The seller in the $4.5 million transaction was Graham-Cameron Land LLC, according to the deed dated Aug. 9. 

“Novant Health will occupy the whole building, and specific departments are yet to be determined,” a Novant spokesperson stated in an email Tuesday.

The Iron Gate building has been home to some well-known Wilmington companies, including fintech firms Live Oak Bank and nCino.

“The sale of 2605 Iron Gate Drive to Novant was a welcomed opportunity to help accommodate the hospital's growing needs in the market," said seller Adair Graham Jr. of Graham Land Management, in an email Tuesday.

Graham said the building is part of the Iron Gate Business Park and neighbor to Barclay Commons, which is home to Henry’s Restaurant, Perry’s Emporium, Graham Land Management, an office of Coldwell Banker Sea Coast Advantage and many others.  

The addition of Novant "provides the midtown area with another valuable business that can benefit from the surrounding conveniences and close proximity to Novant’s main campus. This area continues to see strong economic growth with Live Oak Bank’s campus expansions as well as EmergeOrtho and others," Graham said. "We’re pleased to think that we can be a part of that effort and we look forward to other opportunities for new buildings within the area that can accommodate additional needs of the growing region."

Graham was represented by Cody Cress and Tyler Pegg with The CRESS Group of Wilmington-based Coldwell Banker Commercial Sun Coast Partners in the sale, while Novant was represented by Bill Maus and Jason Windham of Maus, Warwick, Matthews & Co., another Wilmington commercial real estate firm.

New Hanover Regional Medical Center, previously owned by New Hanover County, became part of Winston-Salem-based Novant Health on Feb. 1 in a nearly $2 billion deal. 

Novant announced in April that Shelbourn Stevens had been named president of NHRMC and the coastal market, which includes Brunswick Medical Center and Pender Memorial Hospital.
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