DESPITE SLUGGISH REAL ESTATE MARKET, CAPE FEAR COMMERCIAL IS MAKING SOME BIG DEALS

Oct 26, 2009

Wilmington, N.C. – October 26, 2009 – One of Wilmington’s smaller commercial real estate firms is having a good run despite being in one of the worst recessions for decades. Brian Eckel, partner and co-founder of Cape Fear Commercial, LLC, attributes their success to strong working relationships with clients and their ability to work as a team within the office. “We are fortunate to have an extremely strong team of only six brokers. We have stayed small by design, but have the quality brokers to produce big volume.”

Vin Wells, partner and other co-founder of Cape Fear Commercial agrees. “We are really fortunate to have created a culture within our firm that breeds a team atmosphere. We pride ourselves on the quality of work that is produced by our brokers and team of office professionals. I think the range of expertise we have to offer brings a level of service to our clients that goes beyond your typical commercial real estate firm.”

Cape Fear Commercial’s (CFC) numbers certainly add up to big volume, having closed over 100,000 square feet of office lease transactions in the last few months. CFC recently completed a 40,000 square foot Build to Suit for Novant Health, Inc in Autumn Hall. Rent commenced this month in the two-story Class A medical office building located on Eastwood Road.

Adding to their big deals, Spruill Thompson and Bryan Greene, both brokers with CFC, just completed a 31,352 square foot lease with Trans 1 at Market Place Office Park on Government Center Drive, which is located next to the Cape Fear Public Utility Authority (CFPUA). Cape Fear Commercial was also involved with the CFPUA’s 10 year lease of their current 27,000 square feet in 2008; Brian Eckel represented the CFPUA, Bryan Greene represented the Landlord.

Greene commented, “We are grateful to have secured Trans1 and also of securing the Cape Fear Public Utility Authority to this well conceived Class A office development, as both these organizations are important to the vitality of the Wilmington economy.”

Cape Fear Commercial’s 2009 success has not been limited to the Wilmington, NC area. Spruill Thompson was the lead broker on a 40,050 square foot T-Mobile transaction in Charlotte, NC which was finalized in July.

Additionally, CFC just filled a vacancy in Landfall Park, a class A office building complex which they managed and lease. Provis Media Group, a full service website and media company based out of Wilmington, NC, will occupy approximately 4,900 square feet in Landfall Park North (1985 Eastwood Road). Whit Honeycutt, owner of Landfall Park, praised the CFC brokerage team which was led by Wells. “They are the best of the best.”

Adding to their office lease transactions, CFC attracted Northwestern Mutual Financial Network to The Renaissance on Military Cutoff Road. This building is now 100% occupied, with a variety of Class A Office tenants including Woodbury & Co, Morgan Stanley and Z.A. Sneeden & Sons.

Brian M. Cox, Managing Director at Northwestern Mutual, has been extremely pleased with the move. “Brian Eckel has turned the potentially stressful relocation of 20 plus employees into a seamless effort. Brian and his team at Cape Fear Commercial worked with the Landlord [of 1111 Military Cutoff Rd] to provide a cost-free move of all of our office furniture and files, which allowed us to focus on business rather than worry about the logistics of setting up a new office.”

Rounding out the portfolio of summer office lease transactions was a renewal of Lanier, Whaley and Craft, a Wilmington based Certified Public Accounting firm, in their current building. Hank Miller, broker with CFC, led the CFC team on that transaction.

What’s next for Cape Fear Commercial? Bryan Greene stated “stay tuned, we are working on several large office transactions.