Charlotte-based State Street Companies sold the former Galleria Shopping Center on Wrightsville Avenue for $37.5 million, according to a news release.
The buyer of the 17-acre site, Haven at the Galleria LLC, is an affiliate of Johnson Development Associates (“JDA”) of Spartanburg, South Carolina, which also owns the Holiday Inn hotel at Wrightsville Beach, the release stated. The hotel sold for nearly $24 million, a transaction noted in property tax records as taking place in January 2021.
State Street bought the former Galleria Shopping Center in July 2013 for $3.76 million, according to the release.
"State Street also acquired the adjacent Melrose Mobile Home Park property on June 2, 2017, for $2.7 million. Both properties were acquired by JDA," the release stated.
Efforts to reach a JDA representative for more details about the company's plans for the property were not immediately successful Wednesday afternoon.
The release outlined some of State Street's and the property's recent history, such as the site's annexation into the city of Wilmington from the town of Wrightsville Beach.
Over the years, State Street had intended to create a high-end mixed-use development on the site, with the typical residential and commercial uses. The redevelopment plan appeared to stall at times over various issues, including the annexation, which required a state law and inter-local agreement allowing Wrightsville Beach to recoup $800,000 in tax revenue from Wilmington; what the developer saw as a need for street improvements before a hotel would want to locate there; and more.
"In September 2014, the City’s Planning Department created a text amendment to its Land Development Code specifically to accommodate the development of the Galleria," the release stated. "Contemporaneously, City Council approved the initial zoning of the Galleria pursuant to the Planning Department’s application to assign the property to the UMX zoning district."
Jeff Kentner of State Street said Wednesday morning, "They [JDA] are an incredible company. We’re confident that they will deliver a landmark development of the Galleria."
JDA is a real estate developer of multifamily, industrial and self-storage properties nationwide, according to the release. The privately held company has developed 28 multifamily properties, over 26 million square feet of industrial product and 65 self-storage facilities across the country, the release stated.
Over the past 12 months, State Street has sold more than $120 million of its Wilmington real estate assets, the release stated, including The Reserve at Mayfaire last year.
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