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Real Estate - Commercial

Texas Firm Buys Property At Carolina Beach Road And Independence For $1.55 Million

By Cece Nunn, posted Jan 8, 2016
A Texas-based real estate development firm has bought property at Independence Boulevard and Carolina Beach Road, including 1.8 acres where a gas station and convenience store are planned, for $1.55 million, according to a deed recorded Dec. 31. 

In all, the transaction involved about 5 acres. 

"We're under contract to a user on the hard corner," said Nicholas Silivanch, partner and vice president of retail at Eastern Carolinas Commercial Real Estate, which represented the buyer, Leon Captial Group, in the purchase of the property from Independence Ventures LLC. 

Although Silivanch wouldn't say who the user is, site plans submitted to the city for part of the property purchased, 3739 Carolina Beach, show a Circle K under development. The plans by GreenbergFarrow engineering firm of Atlanta propose a nearly 6,000-square-foot convenience store and fueling stations and are currently under review by city officials, according to the city of Wilmington's project tracking website.

The remaining acres that were part of the buy, which include a retention pond, will be marketed for a different use. 

"We're looking for either a sale, build-to-suit or a ground lease for it," Silivanch said.

John Hinrichs of Commercial Realty Company represented Independence Ventures in the sale to Leon Capital Group.

New homes and other new businesses are on the way to sites close to the property, including a 55,000-square foot Stone Theatres movie theater expected to be open before the end of 2016.

"It's a really hot, up and coming area of town with the development that the Camerons are doing, the growth in the residential market, and the growth in the retail market creating a prime corridor for development and growth," Silivanch said.

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