NEWS RELEASE: Cape Fear Commercial Sells Three Landmark Properties
Dec 21, 2017
Wilmington, N.C. – December 21, 2017 – Commercial real estate firm Cape Fear Commercial today announced that it has closed on the sales of three landmark properties in the Wilmington-Wrightsville Beach area.
On Wednesday, 212 Causeway LLC d/b/a Poe’s Tavern purchased 212 and 216 Causeway Drive in Wrightsville Beach. The existing Poe’s Tavern and former Middle of the Island Restaurant (MOI) properties sold for a combined $2.15 million.
Cape Fear Commercial Partner Brian Eckel represented the seller in the transaction with Patrick Riley, also of the firm, representing the buyer.
“We worked closely with the town of Wrightsville Beach to get approval for the demolition of the old MOI,” said Riley, whose long-term relationship with the ownership of Poe’s Tavern helped to procure the investment sale of the existing Poe’s building. “Removal of the former restaurant will help to accommodate more parking for exclusive use by Poe’s, which in turn should alleviate parking issues during the busy summer months and provide easier access for patrons of the establishment.”
According to Eckel, “The closing is a little bitter sweet. Although the Middle of the Island building was past the point of return and completely functionally obsolete, it is still sad to lose a landmark like the MOI. Fortunately, Poe’s ownership is committed to quality and always looking to improve the customer experience. They’ve been a great addition to the Wrightsville Beach community.”
In late November, the firm completed a quick $1.225 million sale of 2012 Eastwood Road, formerly Kefi and The Pub at Sweet n Savory. Buyers JM Eastwood LLC and MW Eastwood LLC closed on the 4,718-square-foot building in just 37 days.
Patrick Riley represented the seller, NAC Holdings LLC, in the transaction.
“We received multiple offers on the building within its first week on the market and are thrilled to have closed so quickly,” said Riley, noting that closing a commercial sale in just over a month is rare. “This turned out to be a unique assignment given the timing of the transaction and that the new owner plans to change the property’s use from a restaurant to office space.”
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 services. The firm helps owners, users, developers and investors to successfully navigate the real estate market and is consistently recognized as an industry leader for the unique perspective it brings to every project. For more information, visit www.capefearcommercial.com.