CFC CLOSES $1.1 MILLION LAND SALE TO DIOCESE

Mar 11, 2010

Wilmington, N.C. – March 11th, 2010 – Cape Fear Commercial is pleased to announce the closing of a 20 acre parcel to the Diocese Foundation. Partners Brian Eckel and Vin Wells with Cape Fear Commercial represented the Seller (TF Holdings) and Patrick Woodruff with Tri Properties based in Raleigh, NC, represented the Buyer (Diocese Foundation).

The 20 acre parcel closed at approximately $1.1 million. Mike Brown with Cape Fear Commercial development services will be working with the Diocese and TF Holdings to develop the parcel known as “74 West.”

“Our next commercial move at 74 West is a ways out, however, we are in the middle of master planning the site and developing some horizontal infrastructure so we can be ready to respond quickly when the market is ready,” stated Brown.

74 West is a 170 acre commercial parcel owned by TF Holdings that fronts US 74/76, and is adjacent to the main entrance of Compass Pointe, a development which is estimated to have nearly 4,000 homes over the next 15 years. Bert Exum and D. Logan, one of Wilmington’s most successful builder teams, have partnered to develop the 2,200 acre parcel which will offer a multitude of amenities including a 27-hole golf course.
“The Catholic Church and Compass Pointe will complement each other and is a good fit for both parties,” stated Eckel. “Both will help generate more activity for future commercial growth.”

About Cape Fear Commercial

Cape Fear Commercial is a full service commercial real estate advisory firm based in Wilmington, North Carolina, offering brokerage, property management and development services. For more information on Cape Fear Commercial, visit them online at www.capefearcommercial.com.