CVS Buys Parcel At Southport Shopping Center For $1.65M
Jan 18, 2019
Story by: Cece Nunn, posted on WilmingtonBiz.com
CVS Pharmacy has purchased a parcel at a Southport shopping center for $1.65 million, according to an announcement Thursday and a Brunswick County deed.
Wilmington-based Cape Fear Commercial (CFC) stated in a news release that it has closed on the sale of a 1.65-acre outparcel at Southport Crossings, a new Lowes Foods-anchored shopping center at N.C. 211 and Long Beach Road Extension in Southport.
In mid-December, CVS Pharmacy (CVS) bought one of the retail center’s seven outparcels, which are available for sale, ground lease or build-to-suit, the release stated. The drugstore chain recently started construction on a nearly 13,000-square-foot, freestanding store and expects to open its doors by the third quarter of this year.
Bryce Morrison Jr. of Cape Fear Commercial represented the seller, MDI Management LLC (Lowes Foods), in the transaction, according to the news release.
“We are pleased to announce the addition of CVS to Southport Crossings’ retail roster,” Morrison stated in the release.
CVS joins the grocery anchor in relocating from across the street.
“A road realignment that resulted in the loss of high-traffic road frontage prompted the moves of both businesses,” the release stated.
Morrison, who oversees sales and leasing for the new Lowes Foods retail center, said in the release that several other contract negotiations are currently taking place for the shopping center’s remaining six outparcels.
“Now that construction of the shopping center and off-site DOT roadway improvements are underway, we are also experiencing an uptick of inline retail leasing activity,” Morrison said. “Southport Crossings is positioned to be the new retail destination for the greater Southport area, and we are excited about the new local and national retail brands that this project will bring to better serve the community.”
Along with a 50,000 square-foot Lowes Foods grocery store, Southport Crossings will include 40,000 square feet of leasable, in-line retail space, according to the release.
“Raleigh-based Wakefield Associates is the developer of the 88-acre development, which will consist of a 33-acres commercial retail project and a 55-acre residential component once complete,” the release stated.
Lowes Foods is projected to open Memorial Day weekend of 2020, according to the release.
View the original story on the Greater Wilmington Business Journal’s website.