Print
Real Estate - Commercial

Georgia Investor Buys Waffle House Space In Downtown Wilmington

By Cece Nunn, posted May 9, 2018
Pace Burt, a developer and real estate investor based in Albany, Georgia, purchased the first floor of the former Soapbox building, now home to a Waffle House, on North Front Street. (Photo by Cece Nunn)
A Georgia-based developer known for turning historic properties into residential projects has invested for the first time in downtown Wilmington real estate.

Pace Burt, of Pacebook & Associates in Albany, Georgia, bought the first floor of the former Soapbox building, where a Waffle House restaurant opened earlier this year, at 255 N. Front St. Burt paid $700,000.

"I'm an investor and I just kind of looked at the lease on the Waffle House and the location and thought it was going to be a good long-term play," Burt said Wednesday. 

Burt, who has apartments under construction in Asheville and has multi-family developments throughout the Southeast, said he might invest more in Wilmington in the future.

Eastern Carolinas Commercial Real Estate broker Nicholas Silivanch represented the seller, North Front LLC, in the transaction. North Front LLC owns the remainder of the building. 

Silivanch said after Waffle House hiring announcements for the location were made several months ago, the seller got multiple offers for the space from potential buyers. 

North Carolina is "a great state to do business in, and Wilmington just blew me away with how beautiful it was," Burt said.

While the Waffle House space is an investment rather than a renovation project for Burt, he said 75 percent of his portfolio consists of historic renovations.

Burt purchased the Monaghan Mill in Greenville, South Carolina, in 2003 and converted it to The Lofts of Greenville, according to an Upstate Business Journal article. The Lofts of Greenville is one of several mill projects Burt has undertaken with the help of historic tax credits.

These days, historic properties in Wilmington and elsewhere are getting harder to find, Burt said.

"These downtown buildings have just quadrupled in price in the last five years because there's such a demand," Burt said.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Drewsmith copiersplus headshot

Printing In Color Doesn’t Have To Be A Luxury

Drew Smith - Copiers Plus
Jeremytomlinson enfuse headshot

Repair Or Replace? 7 Signs That You Need A New Computer

Jeremy Tomlinson - Enfuse Technology Solutions
Kellyerola headshot lcflc

Can I Get Hospice Care At Home During COVID-19?

Kelly Erola - Lower Cape Fear LifeCare

Trending News

Atlanta-based Developer Plans More Than 300 Apartments In Leland

Cece Nunn - May 7, 2021

Local Business Leaders Weigh In On Brunswick's MSA Future

Christina Haley O'Neal - May 6, 2021

Vantaca Fills HOA Industry Need

Scott Nunn - May 7, 2021

Meet The 2021 CEA Winners

Vicky Janowski - May 7, 2021

General Aviation Services Business Hiring Ahead Of Busy Season

Christina Haley O'Neal - May 7, 2021

In The Current Issue

Meet The 2021 CEA Winners

While vastly different, what the 11 companies and organizations do have in common is being chosen by a panel of judges as CEA category winne...


Meeting Needs In Pender County

“I was called to this. This is not a job. This is a mission."...


Restaurant Owners Cook Up Big Plans

It’s been said that the road to success is always under construction, and the saying rings true for the McDuffie family....

Book On Business

The 2021 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