Print
Real Estate - Commercial

Former Bailey Theater Property, Facade Have New Owner

By Cece Nunn, posted Dec 20, 2017
The facade is all that remains on North Front Street of the Bailey Theater. The property was recently purchased by a Wilmington company. (Photo from Historic Preservation Commission documents)
Property containing the last piece of a downtown Wilmington landmark has a new owner.

Global Property Holdings LLC of Wilmington purchased the tract that includes the Bailey Theater facade at 20 N. Front St. from GC Wilmington LLC for $285,000 on Dec. 11, according to a news release from Wilmington-based real estate firm Cape Fear Commercial and a New Hanover County deed.

Stamatia Saffo is the managing member of Global Property Holdings, as well as the treasurer of Saffo Contractors of Wilmington, state filings show.

Efforts to reach Stamatia Saffo were not immediately successful Wednesday. Global Property Holdings is described as a real estate investment/rental property business in its state corporations division documents.

The Bailey Theater, with its iconic art deco design, was built in 1942 and demolished in the 1980s, except for the facade. That's after historic preservation groups had mounted a campaign to save the whole structure. In March this year, the city of Wilmington's Historic Preservation Commission approved a request that would allow for the demolition of the deteriorating facade, but without a reduction in the required year-long wait.

During the March HPC meeting, Brian Eckel of Cape Fear Commercial, who was representing the previous owner of the property, said the owners had tried to save the facade because of its importance to Wilmington's history, but without success. He said at the meeting that the property would most likely be used to build a multi-story building.

This month, Eckel and Cape Fear Commercial broker Paul Loukas represented GC Wilmington LLC in its sale of the nearly 1-acre property.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Tommytaylor ceo unitedway

I Got 99 Problems But a 501(c)(3) Ain’t One

Tommy Taylor - United Way
Mcwhorter 0005

Preparing an Idea to Share with the World

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Picture1 12522112034

Commercial Roof Spring Cleaning Checklist

Jeanette Omdalen - Highland Roofing Company

Trending News

Galleria Property On Wrightsville Ave. Sold For $37.5M

Cece Nunn - Aug 10, 2022

Leland Town Center Lands New Tenant; Lowe’s Begins Construction

Johanna F. Still - Aug 10, 2022

Pipeline Poke Headed To Autumn Hall

Elizabeth White - Aug 10, 2022

Rachael Ray, Emeril Lagasse To Appear At GLOW Event

Justin Williams Pope - Aug 10, 2022

New Biz Creations In Cape Fear Region Continue Strong Trend

Johanna F. Still - Aug 9, 2022

In The Current Issue

Beach Equipment Rentals Sizzle

For some beachgoers, their perfect day is lazing on the shore, soaking up rays. For others, it’s water sports or maybe biking alongside the...


Stacking The (parking) Deck

The amount and cost of parking in urban settings is a ubiquitous topic, particularly in growing cities like Wilmington, where not everyone a...


Commercial Tenants Navigate Rent Spikes

One of the realities small businesses throughout the area face when trying to find commercial space, which also include increasing rents and...

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