NEWS RELEASE: Cape Fear Commercial Brokers $10.2M Sale Of Two Local Office Buildings

May 31, 2017

 

Wilmington, N.C. – May 31, 2017 – Commercial real estate firm Cape Fear Commercial is pleased to announce that it closed today on the investment sale of two office buildings on Eastwood Road known as Landfall Park North and Landfall Park South. The buildings, which sit adjacent to Port City Chop House near Wrightsville Beach, sold for $10.2 million to Winston Salem-based Taylor Development Group, LLC.

The combined square footage for the Landfall Park buildings is 56,000 square feet. Tenant rosters for the properties include SunTrust Bank, Chemtex International, Quintiles and UBS Financials among others.

The buyer plans to immediately begin working with a designer to cosmetically update the buildings, in addition to completing some maintenance renovations.

“We are very excited about this investment,” said Chris Ramm of Taylor Development Group. “We view this as a great opportunity to make some necessary improvements to two of the best office buildings in the region in order to capitalize on their terrific location, being close to Landfall and Wrightsville Beach.”

Brian Eckel, Paul Loukas and Vin Wells with Cape Fear Commercial represented the seller. Michael Waldrop with Waldrop Properties in Raleigh represented the buyer.

Cape Fear Commercial will continue to manage and lease Landfall Park North and Landfall Park South on behalf of the new owner. With 2,365 square feet of space currently available, the buildings will be able to accommodate larger users in the near future.

About Cape Fear Commercial
Based in Wilmington, North Carolina, Cape Fear Commercial, LLC is a boutique commercial real estate firm that provides targeted brokerage, property management and development service. Since 2001, the firm has helped owners, users, developers and investors to successfully navigate the real estate market. For more information about the company, visit www.capefearcommercial.com.