NEWS RELEASE: Former Galleria Shopping Center For Sale
Jan 30, 2013
Wilmington, N.C. – January 30, 2016 – The former Galleria shopping center is for sale.
The shopping center was formerly anchored by Harris Teeter, Rite Aid, Wrightsville Grille and office users.
The 97,864-square-foot center is vacant, said Eckel, who added that the asking price hasn’t been determined.
“At this point we haven’t reached out to any specific users,” Eckel said Wednesday. “When we begin to actively market the site, we will target a selection of investors, retailers, and both commercial and multifamily developers.”
Robert Mitzel, regional president of Equity One Inc., the center’s owner, said last year that demolition was a possibility for the Galleria. Mitzel said that the center had “become antiquated over time.”
Built in 1986, it was one of the first developments in that area, he said Wednesday.
Harris Teeter and Eckerd Drugs were original tenants, Mitzel added.
“The center had a restaurant upstairs with an outdoor patio. It was awesome,” he said.
Mitzel said his group bought the center in 1992 and “it was a great asset.”
But “two-story retail,” he said, “just doesn’t work today in non-urban areas.”
About Cape Fear Commercial
Founded in 2001, Cape Fear Commercial is a full service commercial real estate advisory firm based in Wilmington, North Carolina. The firm offers brokerage, property management and development services. For more information on Cape Fear Commercial, visit www.capefearcommercial.com.