Michael Prevatte sees potential in a three-acre lot his family just purchased off Market Street at 25 Wilmington Ave., close to a shopping center the Prevattes also own.
 
“The whole area we think is eventually going to see some redevelopment,” Prevatte said earlier this week.
 
He said he expects a new road and continuing road work in the area around Market Street and Kerr Avenue will have an impact on future development.
 
At the moment, the family has no definite plans for 25 Wilmington Ave., he said.
 
In addition to the new lot, the Prevatte family owns Market Plaza, which is anchored by Food Lion, and the remaining vacant lots where his family’s longtime Wilmington businesses, Whitey’s diner and Whitey’s El-Berta Motor Inn, used to stand.
 
The sale of the Wilmington Avenue property for an undisclosed amount closed Monday. Chuck Lydon and Lee Weddle of Coldwell Banker Commercial Sun Coast Partners represented the seller, North State Bank, in the transaction, and Mike Brown of Cape Fear Commercial represented the Prevatte family.
 
The property comes with a 1,182-square-foot office building and two storage buildings that are 1,600 and 1200 square feet.