Costco Area Could Blossom With New Retail

May 31, 2012

Story by: Jamaal E. O’Neal, posted on WilmingtonBiz.com

A new shopping center set to open this summer is 100 percent leased.

Paul Loukas, vice president of Wilmington-based Cape Fear Commercial and exclusive leasing agent of a new shopping center — which is under construction at 5301 Market Street near Costco— said Wednesday the 7,900 square foot shopping center is at full capacity.

Wilmington-based Thomas Construction Group is constructing the new development, while S&H Centre Development Corporation owns the nearly 13 acres of property on which the shopping center is being developed.

The strip center will soon house a 4,500-square-foot Jason’s Deli, along with a 3,400- square-foot Eyemart optometrist site.

Loukas said Cape Fear Commercial officials also plan to roll out a marketing plan next month for the 13-acre property that surrounds Costco. He added that officials are also rebranding the development, and hope to release the official name of the 7,900 square foot shopping center by the end of June.

Because it’s centered along one of Wilmington’s major retail corridors, development officials are anticipating additional retail growth on S&H Centre’s property.

David Edmonds, vice president of S&H Centre Development Corporation, said his firm is in the design phase for a 14,000-square-foot retail center. Edmonds added Cape Fear Commercial will also be marketing 4.5 acres along Gingerwood Drive for future big-box tenants.

“The lot is large enough for a 30,000 to 40,000-square-foot tenant, or can accommodate two 20,000 square foot retailers,” Edmonds said. “Build to suit options are available for the property . . . we’re hoping to pre-lease the [14,000-square-foot] shopping center this summer.”

View the original story at the Greater Wilmington Business Journal.