Print
Real Estate - Commercial

With $12M Purchase, Pittsburgh-based Firm Adds Local Center To Portfolio

By Cece Nunn, posted Jul 23, 2015
A Pittsburgh-based company bought Beau Rivage Marketplace off Carolina Beach Road for $12.2 million last week. (Photo by Cece Nunn)
Pittsburgh-based real estate investment and development firm ECHO Realty entered the Wilmington shopping center market last week with the $12.2 million purchase of Beau Rivage Marketplace and adjacent land.

Buying the Harris Teeter-anchored center and 6 acres off Carolina Beach Road is part of ECHO Realty’s bigger strategy to expand beyond grocery-anchored properties in Pennsylvania and Ohio, said Drew Gorman, the company’s senior vice president for acquisitions and investments.

“We want to diversify by adding properties that are not in our historic market,” Gorman said Thursday.

Many of the centers the company owns in the Northeast are anchored by Giant Eagle grocery stores, he said, and like Harris Teeter stores in the Southeast, Giant Eagle is considered a market leader there.

Beau Rivage Marketplace consists of the Harris Teeter strip and two more buildings in the 5900 block of Carolina Beach Road. Among the other tenants are Great Clips, P.T.'s Grille and a children's resale store called Finders Keepers. The center has 8,400 square feet available for leasing, Gorman said.

"In all our centers we look for a mix and a balance of national and regional/local tenants because we very much like to have a local flavor," Gorman said.

The Charlotte office of Orlando-based CNL will assist ECHO Realty with property management and leasing for Beau Rivage Marketplace. 

He said the company is evaluating what it might be able to do with 2 acres of the six it bought as part of the Wilmington center's deal.

ECHO Realty also bought seven additional assets, including two Harris Teeter-anchored centers in Charlotte and a stand-alone Harris Teeter in Kill Devil Hills, from the same seller, which is listed as BRM Associates #2 LLC on the deed for the Beau Rivage Marketplace transaction recorded July 21 in New Hanover County.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Kellyerola headshot lcflc

Hospice Care in Nursing Homes Provides Needed Specialized Care

Kelly Erola - Lower Cape Fear LifeCare
Earuth300x300

Fair Housing has Vast Implications

Ea Ruth - Cape Fear REALTORS®
Mcwhorter 0005

Where Ideas Come From

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship

Trending News

Inaugural Avelo Flight Touches Down At ILM

Johanna F. Still - Jun 30, 2022

New Hanover Community Endowment Names Advisory Council

Neil Cotiaux - Jun 30, 2022

Stepping Up Burgaw's Parks And Rec

Beth A. Klahre - Jul 1, 2022

Commercial Rises In Surf City

Cece Nunn - Jul 1, 2022

Studio Apartments Near Hospital Trade For $3.6M

Cece Nunn - Jul 1, 2022

In The Current Issue

Rural Medicine In Demand

Like rural communities across North Carolina, Pender County residents face a number of health care concerns: fewer providers, fewer medical...


Dosher Expands Robotic-arm Assisted Surgery

Dosher Memorial Hospital recently added Stryker’s Mako Robotic-Arm Assisted Total Hip replacement procedures....


2022 MADE Awards: Applications Open

The annual MADE awards program spotlights makers, artisans, small business owners and manufacturers in the tri-county area....

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100