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Real Estate - Commercial

In Midtown, Mayfaire Office Developers Embarking On New Project

By Cece Nunn, posted May 26, 2023
Developers have submitted site plans to the city of Wilmington for The Offices at Iron Gate. (Courtesy of the city of Wilmington)
In midtown Wilmington, the developers of Mayfaire's office park are planning a new 21,000-square-foot office building.

Set to be built at 2725 Iron Gate Drive on land currently owned by Cameron Properties Land Co., the two-story structure is under review by the city of Wilmington.

Parker Anderson of development firm SAMM-Midtown said the facility will be called The Offices at Iron Gate and available for lease only.

"With the proximity to the hospital and other existing medical along with being in the center of a rapidly growing midtown, we believe this project will offer general office users and medical users a great opportunity to be in a new-construction building with a fantastic location," Anderson said in an email. "Our anchor tenant is a current client that approached us with needing to relocate an additional office of theirs in town. They will be occupying 7,571 square feet."

Anderson declined to share the name of the tenant Thursday but said the developers will share more details and a building rendering at a later date.

Lindsey Hess of Wilmington-based real estate company Cape Fear Commercial is the listing agent for the building's remaining 13,500 square feet.

"I think it's going to fill a void for users that need to be near the hospital," Hess said Thursday. "I don’t think it’s going to be tough to find two to three good users for the balance of the building."

Hess said the goal for the project's construction timeline is for the building to be complete by next summer.

Compared to other parts of the country and larger cities, Wilmington's office market is in better shape, brokers say.

"All signs point to an overall very healthy local office market. Vacancy rates remain low with very little Class-A supply coming on line and demand is still high," Anderson said. "We get calls frequently from clients asking if we have anything available or know of anything off-market that may soon be available."

Anderson works with his father, Steve Anderson, in Samm Properties. Steve Anderson developed The Offices at Mayfaire.

Also in his email, Parker Anderson shared the status of other projects he and his father are working on in the Wilmington area and beyond:
 
  • The Offices & Shoppes at Waterford, Leland: "We are receiving our full site plan approval in the coming days and have all other permits to be able to start construction. We are in talks with several clients and are actively seeking out medical and financial users for this project."
  • Futch Creek/8604 Market St.: "We are in the design phase of this project and will be submitting our site plan to the county in the coming months. Due to rapid growth this area is seeing, we are already getting a lot of activity from users wanting to be in this area and talk to us about our future plans. This project is going to consist of (3) 7K Sq Ft single-story buildings and (2) 26K Sq Ft two-story buildings."
  • Slater Station, Morrisville: "We started construction last week on Slater Station, a 35K Sq Ft 3- Story Class-A Office building in Morrisville, NC. Anchored by Athrex representing TriCoast Surgical, who will be occupying the entire 1st floor. This building  provides the opportunity for users to lease or purchase."
  • Mount Pleasant, South Carolina, mixed-use project: "Located at the corner of George Browder Blvd and Highway 17 in Mt. Pleasant, SC. This project is currently going through architectural review with the Town of Mt. Pleasant. Our plans call for (3) 27K Sq Ft buildings with retail on the ground floor and Class-A Office on the 2nd floor. These buildings will provide the opportunity for users to lease or purchase."
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