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Real Estate - Commercial

Lumina Station Sells For More Than $14.5M

By Vicky Janowski, posted Apr 7, 2015
A Myrtle Beach-based real estate investment trust has bought Lumina Station, the company announced Tuesday.
 
Burroughs & Chapin Company Inc. bought 68,794 square feet of retail and office space at 1900 Eastwood Road, according to a news release.

The purchase took place April 3, said Lei Gainer, spokeswoman for Burroughs & Chapin. Company officials did not disclose the purchase price.

According to a deeds filed with the New Hanover County Register of Deeds office, the total transaction was more than $14.5 million. Lumina Station Commercial purchased Lumina Station LLC for about $8.7 million and Lumina Station II LLC for $5.8 million.

The deal included all of the center's Phase I retail and office space as well as the retail section of Phase II, Gainer said. Offices in the Phase II portion not included are condo units that are individually owned, she said.

“It is a pleasure to have the opportunity to pass Lumina Station on to Burroughs & Chapin, a company that has a strong track record of owning and managing exceptional retail properties like Lumina Station,” Joel Tomaselli, owner and general manager of Lumina Station, said in the release.
 
He said he was “confident” the new owners would continue to invest in the center’s original vision “and take it to the next level.”
 
Lumina Station opened in 1996, and its tenant lineup includes 13 stores, six restaurants and cafes and four service businesses, officials said.
 
Burroughs & Chapin is a family-owned company and is one of South Carolina’s largest private landowners, according to the firm’s website. Its portfolio includes the 350-acre Broadway at the Beach complex, and the company bought the 100-acre Barefoot Landing in North Myrtle Beach last year. It also has a number of commercial properties it develops, leases and manages.

Lumina Station is the company's only property in Wilmington, Gainer said.
 
“Lumina Station embodies all the characteristics that Burroughs & Chapin looks for as we work to build a best-in-class retail portfolio that will create long-term value for our shareholders,” James W. Apple Jr., president and CEO of Burroughs & Chapin Company, said in the release. “A cornerstone of our company’s investment strategy is to acquire properties with enriching environments that are the center of retail, dining, and entertainment within their submarkets. These properties have unique environments where people want to shop and where retailers want to locate their business.”
 
In August, Lumina Commons retail center, which sits behind Lumina Station and is anchored by Harris Teeter, also was sold to a real estate investment trust when Phillips Edison-ARC Shopping Center REIT Inc. purchased the property for nearly $13.9 million.

Reporter Cece Nunn contributed to this story.

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