While hundreds of millions of dollars in commercial property have changed hands in 2015 in the Wilmington area, shopping center deals were some of the highest-profile and highest-priced sales.
In June, Tennessee-based CBL & Associates bought Mayfaire Town Center and Mayfaire Community Center for $192 million.
Less than six months later, CBL & Associates then sold Mayfaire Community Center for $56.3 million to Principal Real Estate Investors in a deal that closed Dec. 3.
CBL is providing leasing and management services for the new owners.
For the original developers of Mayfaire, the sale in June marked the end of an era.
“We’ve completed all but one phase in the development of Mayfaire and have accomplished what we set out to achieve,” said Hyman Brody, CEO of BrodyCo. Inc., at the time of the sale’s announcement.
Along with Jeffrey Zimmer, Brody co-manages the eastern North Carolina investor group that developed Mayfaire.
Stephen D. Lebovitz, CBL’s president and CEO said in the release, “With our strong network of retail relationships, we see numerous opportunities to elevate this experience even further, delivering more of the premier brands and restaurants that residents and tourists have come to expect from the center.”
Brody said in June that he and the Zimmers would still be working on an adjacent 40 acres and the office portion of Mayfaire. In addition to Brody and Jeffrey Zimmer, Mayfaire was a result of the partnership of Robert Beller of BrodyCo Inc. and Herbert and Alan Zimmer and Arlene Zimmer Schreiber, all of Wilmington-based Zimmer Development Co.
Another major shopping venue could get a new owner soon. The holders of a $110 million loan on Independence Mall initiated foreclosure proceedings against the mall’s owners earlier this year, and after previous postponements, the latest foreclosure sale was scheduled, as of press time, for Dec. 22 at the New Hanover County Courthouse in downtown Wilmington.
Other sales of existing shopping centers completed in 2015 so far include:
LUMINA STATION: Burroughs & Chapin Company Inc., based in Myrtle Beach, South Carolina, bought 68,794 square feet of retail and office space at Lumina Station, 1900 Eastwood Road, in April for $14.5 million.
BEAU RIVAGE MARKETPLACE: Pittsburgh-based real estate investment and development firm ECHO Realty entered the Wilmington shopping center market in July with the $12.2 million purchase of Harris Teeter-anchored Beau Rivage Marketplace and adjacent land.
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