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Real Estate - Commercial

Office Building Off Eastwood Road Sells For Nearly $3M

By Cece Nunn, posted Sep 11, 2023
After a recent sale, the office building at 10 S. Cardinal Lane will house the Wilmington offices of Aptive Environmental, a pest control company, and other tenants. (Photo courtesy of Damon Lilly)

An office building off Eastwood Road near Market Street in Wilmington recently changed hands for close to $3 million.

The former home of commercial real estate development firm Tribute Companies, the 24,000-square-foot building at 10 S. Cardinal Lane will now house the Wilmington offices of national pest control firm Aptive Environmental. The office space was built in 1983 and sits on 2 acres.

Aptive has about 150 employees in Wilmington, said Damon Lilly, senior vice president of sales for Aptive Environmental and a real estate investor.

“We needed a larger headquarters, so I purchased the building in order to rent half of it to Aptive and the other half for additional tenants,” he said. 

Lilly said he has confidence in the local office market. 

“I’m planning to do a big renovation to bring it up to Class A office space,” he said.

Despite the slump in commercial office space sales and leasing in other parts of the country, brokers and investors, including Lilly, say Wilmington office demand remains strong. 

Steve Hall, vice president of Wilmington-based commercial real estate firm BlueCoast Commercial, represented the previous property owner, Offices at Cardinal Lane LLC, in the $2.85 million sale.

“The commercial real estate office market has experienced notable positive changes prior to COVID and has continued that path in recent years, making Southeastern NC an intriguing area of interest for business owners and investors alike,” Hall said in an email. “Our vacancy rates for the office market are at an all-time low and it’s difficult to find suitable properties that meet the client’s needs either through leasing or purchasing.”

He said as a result, developers have been looking for opportunities to expand and improve office space offerings in response to the increasing demand. 

Hall said, “As our market continues to develop and attract businesses, it remains a compelling destination for those seeking office spaces with character and potential for a long-term investment.”

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