The recent sale of two Wilmington commercial centers are signs of how much interest investors are showing in area properties, a broker said Wednesday.
Parker Investments USA LLC bought Market Street Center, a retail/office center at 7419 Market St. in Ogden, in a $2.1 million transaction on Tuesday, according to a deed recorded in New Hanover County. Three parcels were involved in the sale, the deed shows.
"Income properties are just red hot," said Hansen Matthews, partner in Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co., on Wednesday.
Matthews, who was the listing agent for Market Street Center, said the property is favored by a great location and has been well maintained by the previous owner, RECO LLC.
"I wish we had a dozen more just like this one. Investors’ appetites for income properties has outpaced the supply, and we are under contract with others at this point. Low interest rates combined with a high stock market index are pushing investors towards these types of investments," Matthews said in an email.
He said the center features several long-term tenants, including Empire Deli and Papa Johns.
Matthews also represented the seller in the sale of a smaller retail property at 2319 S. 17th St. in Wilmington near New Hanover Regional Medical Center. The businesses that occupy the fully leased center are Priddyboys Sandwich Grill, La Gemma Fine Italian Pastries, John’s Popcorn and Impact Nutrition.
The 17th Street property was also bought by a local investor, Mare Management LLC, which was represented by Steve Warwick, another partner in Maus, Warwick, Matthews & Co. The deed shows that Mare Management bought the center for $600,000.
"The NHRMC campus is the magnet for everything that happens along this commercial corridor and, after just investing a few hundred million dollars in this facility, it’s clear that they won’t be leaving for the next several decades," Matthews said in an email, referring to the hospital. "While there are scores of office buildings in this area, this center provides one of the few opportunities for small retailers and restaurants to have frontage and signage along 17th Street within a block of the hospital."
