Print
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.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Cfss headshots parker robert webversion 21422121214

Duke Energy Will Pay You Up to $9,000 to Go Solar with a Battery

Robert Parker - Cape Fear Solar Systems
Chris 16239425

‘Creative,’ An Adjective To Describe Your Accountant?!

Chris Capone - Capone & Associates
Gretchen roberts 2021

Are You Protected from Employee Theft?

Gretchen Roberts - Red Bike Advisors

Trending News

City Of Wilmington Hires Carson As DEI Director

Staff Reports - May 21, 2024

A Topsail Island Estate Fetches Record-setting $4.5M

Cece Nunn - May 21, 2024

Noodles & Company Opens First Wilmington Location This Week

Emma Dill - May 21, 2024

Martin Named Executive Director Of Battleship North Carolina

Staff Reports - May 21, 2024

Wilmington, Myrtle Beach Top PODS List Of Most Moved-to Cities For Second Year

Emma Dill - May 20, 2024

In The Current Issue

Topsail Island Museum Offers New Exhibit On Black Heritage

Ocean City Beach was established in 1949 and became the first community in the state where Black people could purchase oceanfront property....


Half Marathon Takes Whole Race State Title

The top half marathon in each state was crowned based on nearly 20,000 votes from runners across the country....


Vantaca’s Balancing Act

“We want to swing big, and we have a vision of building a really massive company that is the industry standard for software in our space."...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season