Print
Real Estate - Commercial

Village At Myrtle Grove Shopping Center Sells For $9.5M

By Cece Nunn, posted Sep 28, 2016
Ziff Properties Inc. sold The Village at Myrtle Grove shopping center, which includes a 20,000-square-foot Staples, this month to Big V Properties for $9.5 million. (Photo courtesy of Ziff Properties Inc.)

A New York-based real estate investment and property management company recently bought The Village at Myrtle Grove on Carolina Beach Road for $9.5 million, according to a news release and a New Hanover County deed.

The Staples-anchored shopping center was one of three purchased by a Big V Properties limited liability company from Mount Pleasant, South Carolina-based Ziff Properties Inc.

"We like the Wilmington market," said Jeff Rosenberg, CEO of Big V Properties and managing partner of Big V Capital, on Tuesday afternoon. "We think it's growing and vibrant, and we're looking forward to working within the market to bring some new tenants to the shopping center." 

The Village at Myrtle Grove, a 74,370-square-foot center in the 5500 and 5600 blocks of Carolina Beach Road, includes local businesses in addition to national tenants. The center was about 87 percent occupied at the time of the sale. Home Depot owns its portion of the property, a more than 100,000-square-foot building and about 10 acres, according to property tax records.

Big V Properties' purchase in New Hanover County also came with two outparcels of a little less than an acre each and some unused land next to Staples.

"We have a whole bunch of outparcels [among the firm's properties and including The Village at Myrtle Grove] that we're working on for development purposes," Rosenberg said.

Rosenberg said Big V Properties will continue to market the existing spaces that are not occupied in The Village at Myrtle Grove to strong national, local and regional tenants. 

"We have multiple locations of national retailers in our shopping centers, and we'll be talking to them about these spaces as well," he said.  

The sale of The Village at Myrtle Grove marks Ziff’s complete exit from Wilmington’s commercial real estate market and the entrance of Big V, which is headquartered in Florida, New York. In North Carolina, the company also owns a center in Rocky Mount.

Big V Properties, which includes affiliate Big V Capital, focuses “on acquiring and managing 50,000SF-400,000SF class B neighborhood and community shopping centers in strong secondary demographic markets throughout the southeast United States,” according to the firm’s website. “We seek to acquire assets at well below replacement cost, with attractive current and projected yields and with significant upside opportunities.”

Big V Properties owns and/or manages 31 shopping centers, mainly in the Southeastern U.S., Rosenberg said.

In addition to The Village at Myrtle Grove, the Ziff portfolio of retail properties sold to Rosenberg's company also included Lancer Center in Lancaster, South Carolina, and Lanier Plaza in Brunswick, Georgia, for a total of $24 million, according to a Ziff news release.

Cushman & Wakefield’s Atlanta-based retail investment sales group was part of the team that brokered the off-market sale of the three centers, the Ziff release said.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Drewsmith copiersplus headshot

A Little More Communication, A Lot More Cohesion

Drew Smith - Copiers Plus
Mcwhorter 0005

Unleashing Entrepreneurial Potential: A Glimpse into the UNCW CIE Incubator and Coworking Space

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Headshot1 2162265156

The Guiding Principles of a Credit Union

Sarah Stone - Excite Credit Union

Trending News

Replica Of Famed Explorer's Ship Visits Wilmington

Jenny Callison - Jun 2, 2023

Developer, Residents At A Crossroads In Midtown Wilmington

Cece Nunn - Jun 1, 2023

Inclusive Small Business Center Works To Build Trust

Jenny Callison - Jun 2, 2023

Rulmeca Expands Reach Through Acquisition

Jenny Callison - Jun 2, 2023

Local Retail Changes In Store

Cece Nunn - Jun 2, 2023

In The Current Issue

Generator Demand Powers Up For Season

Local generator sales experts take stock of the market...


NCino Forges Partnership On Automated Underwriting

Zest AI will integrate its product into nCino’s Consumer Banking Solution, enabling lenders “to help make efficient, accurate decisions abou...


Local Retail Changes In Store

While new shopping centers are planned in areas outside the Port City, owners are adding to and revamping existing commercial complexes in W...

Book On Business

The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments