Print
Real Estate - Commercial

Top Stories No. 8: Renewing Old Commercial Space

By Cece Nunn, posted Dec 20, 2019
Crews work on Bradley Creek Station, an office and retail project under construction on Oleander Drive. (Photo by Cece Nunn)
While the inventory of new homes and apartments increased in the Cape Fear region, redevelopment remained a key word in the city of Wilmington this year, with developers making room for new projects by demolishing old structures.
 
Such projects included the former Sears and Sears wing at Independence Mall, 3500 Oleander Drive, to create exterior-facing stores and space for new tenants, and the former movie theater building on Oleander Drive to build apartments.
 
At the mall, Lidl, which opened its first Wilmington store off Eastwood Road in December, is among several new tenants on the way.
 
Other new tenants include Blaze Pizza, which already has a location in Renaissance Market shopping center off Military Cutoff Road; First Watch, a Florida-based restaurant chain; Jersey Mike’s Subs, a New Jersey-based sandwich shop; and Five Below, a Philadelphia-based value retailer geared toward teens.
 
Also on Oleander Drive, near Military Cutoff Road, construction began this year on Bradley Creek Station (BCS), an 80,000-square-foot retail and office condominium building.
 
“BCS is steadily filling up with lease and purchase tenants,” said Steve Hall, partner with Maus, Warwick, Matthews & Co. “We are looking to deliver the shell building in the Aprilto- May timeframe with businesses turning the lights on soon thereafter.”
 
Another of Hall’s listings is commercial space that was under construction this year at Arboretum West, a mixed-use project on Military Cutoff Road that has replaced mobile homes.
 
Construction on Building 2, where a Port City Java location is planned, was expected to wrap up at the end of January to early February, Hall said.
 
“Building 1, where the restaurant will be located, is set to start construction during the first of the year and deliver the shell in a late March-to-April timeframe,” he said.
 
In another redevelopment example, student housing rose on the site of an old shopping center that was torn down on South Kerr Avenue.
 
New development in 2019 included the first office building in Midtown Park at Barclay, occupied by Wilmington Health, and new buildings at The Pointe at Barclay.
 
Some brokers feared a slowdown might have started this year, but others remained optimistic. Paul Loukas, broker in charge at Wilmington-based commercial real estate firm Cape Fear Commercial, said commercial real estate might look like it was slowing, but that’s not really the case.
 
“It seems the fundamentals for commercial real estate remain strong, but there are some inefficiencies in the marketplace right now,” Loukas said, “from buyers to attorneys to engineers and so on, everyone is so busy that deals are taking longer to materialize, which in effect has artificially slowed the market down.”

For a full list of the top stories of 2019, click here.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Dave sweyer 300 x 300

Insights into the 2023 Leasing Market in Wilmington, NC: What You Need to Know

Dave Sweyer - Sweyer Property Management
Headshotrosaliecalarco 1182131047

The Government is Calling? Think Again!

Screenshot2022 01 06at338 162234623

Food is the Foundation for Prosperous Communities

Girard Newkirk - Genesis Block

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

Rezoning Could Bring 123 Townhomes To Growing Leland Corridor

Emma Dill - Mar 25, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

In The Current Issue

Q&A: Andrews Reflects On Leadership

Pender County Manager David Andrews is slated to retire this summer after 33 years in local government....


Park Progress

The planning for Pender Commerce Park began in the early 2000s when the county wanted to create an economic driver on its largely rural west...


Hacking Cyberdefense Shortage

A shortage of cybersecurity professionals influenced professor Ulku Clark and her team to slowly evolve UNCW’s offerings to now include eigh...

Book On Business

The 2024 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