Print
Real Estate - Commercial

KFC On Market Street Update: More Than $1M For Less Than 1 Acre

By Cece Nunn, posted Mar 25, 2019
The site of a planned Kentucky Fried Chicken location on Market Street sold to a franchisee for $1.1 million. (Courtesy of MPV Properties)
The site of a planned Kentucky Fried Chicken location on Market Street in Wilmington was purchased by a Laurinburg-based KFC franchisee for $1.1 million, according to an announcement Monday.

The 0.9 acre site at 5120 Market St., a former bank location on the southeast corner of Market Street and New Centre Drive, will become a KFC fast food restaurant with a drive-thru, the announcement from Charlotte-based MPV Properties stated.

"The buyer plans to commence construction this summer, with an anticipated opening in the fall," according to the release.

Brad Murr and Austin Easter of MPV Properties represented the seller, MPV, and Jeremy Phillips of Wilmington-based Environments Unlimited Commercial Real Estate represented the buyer, Scottish Food Systems Inc., in the transaction.

MPV Properties bought the property, previously home to a PNC Bank branch, for $870,000 from PNC, in a deal that closed in September last year in Charlotte.

"We're glad that we could get something worked out with the KFC franchisee, and hopefully it's a great location for them in the future," Easter said Monday. "I think they'll do really well there."

Scottish Food Systems Inc., a restaurant management company with corporate offices in Laurinburg, according to the firm's website, bought the property via its firm Laurinburg KFC Take Home Inc. 

The property is zoned regional business (RB) and permitted uses include restaurants and fast food. The site plan is still marked as "under review" in the city of Wilmington's project tracking system.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Geofflosee300x300 10221511305

Got Flood Insurance? Get That Proof of Loss Form in Quickly!

Geoffrey Losee - Rountree Losee LLP
Leath 683x10242

Managing Energy as a Business Priority

Lisa Leath - Leath HR Group
Img 1576c1

A Rising Tide Tends To Lift All Boats But You Find Out Whose Swimming Naked When The Tide Goes Out

Eddie Nowell - South Atlantic Capital Management Group

Trending News

Porters Neck Rezoning Request To Bring Lots For Sale

Johanna Cano - Apr 18, 2019

Harvesting Seafood Innovation

David Dean - Apr 19, 2019

Building Up Health Care Innovation

Johanna Cano - Apr 19, 2019

Reports: Rents Rising Higher In Wilmington Than In Other NC Cities

Cece Nunn - Apr 19, 2019

In $15.7M Deal, Alcami Sells Wilmington Technology Center, Leases It Back

Cece Nunn - Apr 18, 2019

In The Current Issue

Building Up Health Care Innovation

When New Hanover Regional Medical Center launched its Innovation Center last year, it sought to foster and test creative ideas for improving...


Tackling A Lag In Housing Starts

Housing starts dropped last year in New Hanover County, due in part to Hurricane Florence, and challenges remain even as permits have recent...


Navigating New Traffic Solutions

As the area continues to attract new residents and businesses, as well as bumper crops of tourists, the challenge of improving traffic flow...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018