Print
Real Estate - Commercial

At Mayfaire, Nearly $6M In Office Space Changes Hands

By Cece Nunn, posted Oct 2, 2019
The first and third floors of The Offices at Mayfaire III sold to separate buyers recently. (Photo by Cece Nunn)

In transactions that totaled nearly $6 million, separate buyers recently purchased floors of a Mayfaire office building.

MJP Properties LLC of Wilmington bought the 12,000-square-foot third floor of The Offices at Mayfaire III, 6752 Rock Spring Road, for about $2.8 million, according to a deed recorded Sept. 30.

Tenants on the third floor are Wells Fargo Private Bank, Tidal Wellness and Butler Snow law firm.

Steve Hall, partner with Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co., represented MJP Properties in the transaction, and Will Leonard of Cape Fear Commercial, another Wilmington-headquartered commercial real estate firm, represented the seller, Mayfaire 111 LLC.

"There's a demand for good quality income-producing properties," Hall said Wednesday. "You're able to capture a higher rate of return on your investment versus a money market or CD account with the bank right now."

Of the demand for office space throughout the Wilmington market, Hall said, "Companies are in a massive growth pattern right now, and they've got to accommodate their employees."

MJP Properties LLC's members are Jan and Mark Pahl, according to state records.

In August, Southern Bank purchased its Wilmington office space and the rest of the first floor of The Offices at Mayfaire III for a little over $3 million, also from Mayfaire 111, a limited liability company headed by Arthur Rice.

Paul McCombie, Leon Pruzan and Lenny Smith opened the first Wilmington location of Mount Olive-based Southern Bank in 2016 at Landfall Executive Center before moving to The Offices at Mayfaire office park.

The bank occupies one of four spaces on the first floor of The Offices at Mayfaire III. Two other tenants there are Chemtex Global Corp. and Helen Tarokic Law. A fourth space is expected to give Southern Bank some more room to grow, said McCombie, who is the Cape Fear market executive for Southern Bank.

The bank worked with Gram Spear of Kinston on the transaction. McCombie said Southern Bank based the decision to purchase the space on several factors.

"We really love this location. There's so much growth in this area of town; it just seemed to be a great location, and the bank was committed to a long-term investment in the greater Wilmington market," McCombie said. "And so as we started looking around for space to build an office, we kept coming back to this location ... We felt like it gave us plenty of room to expand and the location's worked out great. It was just kind of a win all the way around."

The Offices at Mayfaire VI, the last of the Mayfaire office buildings developed by Steve Anderson of SAMM Properties between 2011 and 2019, sold in its entirety in February for $11.7 million.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Best Practices For Virtual Board Meetings

Mike Stonestreet - CAMS (Community Association Management Services)
Carolinemontgomery4

PPP Forgiveness - What You Need To Know

Caroline Montgomery - Adam Shay CPA, PLLC
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Strategy 101 For Startups

Diane Durance - UNCW Center for Innovation and Entrepreneurship

Trending News

Office And Retail Complex Under Construction Gets Protective Touches

Cece Nunn - May 29, 2020

Attorney: Business Interruption Insurance Should Cover Virus Losses

Jenny Callison - May 28, 2020

On Castle Hayne Road, Fetching Space For Doggy Daycare

Cece Nunn - May 27, 2020

BIZTALK: Azalea Festival Plans Continue

Staff Reports - May 27, 2020

For County's $1.3M Small Business Grant Program, More Details Coming

Cece Nunn and Christina Haley O'Neal - May 29, 2020

In The Current Issue

WorkTok Aids Communication

One new Wilmington startup is trying to address those current workforce trends and increase employee/ employer interaction through its app,...


In Beach Town, Waves Of Reopening

Business owners on Pleasure Island, which includes the New Hanover County towns of Carolina Beach and Kure Beach, share a measured enthusias...


Education Leader Forges Way Forward

Burns was tapped as interim superintendent of NHCS in February, following the resignation of Tim Markley. Burns assumed his new role in Marc...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`