Cape Fear Commercial Brokers $4.35M Sale of CBD Development Land

Oct 9, 2018

Aerial view of the Upper Dean Tract

 

Wilmington, N.C. – Cape Fear Commercial announced today that it has closed on the sale of the Upper Dean tract in downtown Wilmington, North Carolina. The 5.29-acre development site, located at 111 Cowan St., sold for $4.35 million to an entity controlled by Charlotte-based DPJ Residential LLC.

Brian Eckel, Paul Loukas and Hank Miller of Cape Fear Commercial represented the seller, Paragon Financial Investors LLC, in the transaction. Eastern Carolinas Commercial Real Estate’s Nicholas Silivanch and David Branton represented the buyer.

Situated on the northside of downtown, which has flourished in recent years, the site is adjacent to PPD, Sawmill Point Apartments and the planned North Waterfront Park.

“The sale of a prominent development tract, such as the Upper Dean, is indicative of the growth and commitment for future development we are seeing downtown,” said Eckel, a partner with Cape Fear Commercial. “With the closing of this transaction, another project will positively affect and shape our downtown.”

According to Eckel, “While there are still a few properties ripe for development in the CBD, such as 101 N. Front St. (the property formerly known as “The View”), most of the large, multi-acre tracts are gone. I believe you will see investment capital begin to expand directly across the river for new opportunities as downtown continues to build out.”

With this transaction, Cape Fear Commercial has closed on the sale of 22 properties totaling more than $36 million in the downtown submarket following the recession.

About Cape Fear Commercial
Founded in 2001, Cape Fear Commercial, LLC is a full service commercial real estate advisory firm based in Wilmington, North Carolina. The firm offers brokerage, property management and development services. For more information about the company, visit www.capefearcommercial.com.