The downtown building housing Wilmington nightclub Ibiza recently sold for $2.25 million.

A deed recorded last week shows Global Property Holdings LLC purchased the property at 118 Market St. from its former owner, CJCC LLC. The transaction was a “private party sale” of real estate only, according to Ed Denton, who served as the property’s listing agent.

Denton, who is also the chief development officer for Richmond-headquartered firm Commonwealth Commercial, said Ibiza will continue to operate in the building. 

Stamatia “Nick” Saffo, the registered agent of Global Property Holdings, said he sees the purchase as a "good investment."

 “We like investing in downtown Wilmington," he said Wednesday. "(We were) born and raised here, and we just like to keep our money here.”

Nick Saffo's brother, Wilmington Mayor Bill Saffo, is not involved in the investment, Nick Saffo said.

Property records show the building at 118 Market St. was built in 1917 and occupies less than one-tenth of an acre in Wilmington’s Central Business District. Former owner CJCC LLC, an entity registered to Ibiza owner Charles Carver, purchased the property in 2001 for $620,000.

Global Property Holdings also owns the adjacent building at 116 Market St. that houses Dixie Grill, a property that was purchased in 2021 for $950,000, records show.

Nick Saffo is also behind plans to redevelop the site of the former Bailey Theater at 20 N. Front St. The theater was built in 1942 and demolished in the 1980s, except for the facade.

The redevelopment plans were put on hold during the COVID-19 pandemic as inflation caused prices to spike, Nick Saffo said. Plans for a commercial building that could house up to three tenants on the site were submitted to the city of Wilmington for technical review in 2022.

Now, Nick Saffo said, those plans are being reworked even as tariffs have the potential to raise costs again.

“We had a plan," he said, "and we’re kind of retooling the plan right now."