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Real Estate - Commercial

Investors Pay $5M For Former N2 Publishing Facility On New Centre Drive

By Cece Nunn, posted Feb 3, 2023
Investors bought the former N2 Publishing building on New Centre Drive recently for $5 million. (File photo)

Tennessee-based veterinary and medical real estate investors bought the former N2 Publishing building in Wilmington for $5 million, according to a deed.

N2 shut down its facility at 5051 New Centre Drive in Wilmington and last year listed the building for sale, a result of its plans to build a new production facility in Irving, Texas. 

Officials with Clarity Ventures Group (CVG), the buyer, declined to reveal its plans for the acquisition, a two-story, 32,000-square-foot structure on 2.4 acres.

“At this time, we have disclosed as much information as we can regarding this transaction and will not be releasing additional information,” CVG officials stated in an email Wednesday.

The Nashville-based group, which bought the building through its entity CVVF Wilmington NC LLC, describes its investment goals on its website.

“Clarity Ventures is seeking to invest in veterinary and pet service buildings,” the website states. “Clarity is a sister company to Montecito Medical, an experienced real estate investment company that has completed over $5 billion in transactions to date.”

Montecito Medical has experience investing in Wilmington, including buying orthopedic medical buildings on Shipyard Boulevard and Ashton Drive in midtown.

N2, founded in Wilmington in 2004, is the umbrella company for multiple products, including neighborhood magazines. The company bought 5051 New Centre Drive for about $1.8 million in 2014.

Jack Kilbourne of Wilmington-based commercial real estate firm Maus, Warwick, Matthews Co., who listed the New Centre Drive property last year, represented N2 in the sale, and in conjunction with Cushman & Wakefield also represented the seller. Kilbourne declined to comment on the transaction or the buyer's plans.

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