Large Leland Subdivision Sold; 8 More Under Contract

Mar 12, 2013

Story by: J. Elias O’Neal, post on WilmingtonBiz.com

A master planned subdivision in Leland has been sold, and more could soon be joining its rank in the coming months, according to an area broker.

Brian Eckel, partner and broker with Wilmington-based Cape Fear Commercial, said Monday his firm has eight bank-owned subdivisions under contract across the greater Wilmington area.

More than 1,600 lots in a six-subdivision portfolio are under contract along the N.C. Highway 211 corridor, an area once primed for gangbuster growth but now scarred by carved out roadways and half-empty housing units.

The subdivisions under contract include Richmond Hills, Old Georgetown, Mill Creek, Brookstone, Rivergate and Sandstone.

Of the total 1,626 lots up for grabs between the six housing developments, 484 of the lots are developed; the remaining 1,142 lots are approved for future development.

Eckel, who with fellow brokers Hank Miller and Paul Loukas are representing various banks in the transaction, would not disclose the identity of the prospective buyer, or when the firm plans to close on the portfolio of subdivisions that stretch from Supply to Southport.

Two other subdivisions in the Masonboro area of New Hanover County are also under contract.

Ridgefield — a partially developed housing community approved for 56 lots off Middle Sound Loop Road, and Laurenbridge — a 14-acre development approved for 34 lots, are under contract with unnamed prospective buyer.

Spruill Thompson, senior vice president and broker with Cape Fear Commercial, is overseeing the pending Ridgefield and Laurenbridge transaction with Eckel.

Cape Fear Commercial is no stranger to unburdening bank-owned portfolios of defunct or stalled housing developments.

The Wilmington brokerage firm has closed on eight subdivisions, including Andrews Reach and Stones Edge in Wilmington, Hawkeswater in Leland, Bobby Brown Circle, Southwynde in Southport and Diamond Point in Surf City.

Recently, Atlanta-based REO Funding Solutions III LLC purchased SeaBrooke, a 552.5-acre subdivision with 77 lots along U.S. Highway 17 in Leland, Eckel said. The property was owned by Winston-Salem-based BB&T Bank, which listed the property with Cape Fear Commercial.

Eckel, along with Miller and Loukas, completed the subdivision sale transaction.

New or revised plans for the property have not been released.

REO Funding Solutions III LLC could not be reached for comment Tuesday afternoon.

Meanwhile, Middle Sound Loop Village in the Masonboro area has also sold. Eckel and fellow broker Mike Brown closed on the purchase transaction on Jan. 31 for $1 million.

The Middle Sound Loop Village has been approved for 42 lots, and includes unimproved raw land with available sewer connectivity.

The firm also has three additional subdivisions listed for purchase, including Eagle Watch, a waterfront development with 68 available lots in Hampstead; Redd Banks, a subdivision with 13 developed lots along Virginia Creek in Hampstead; and Sunset Reach, a housing development with 52 lots along the Cape Fear River in Castle Hayne.

View the original story in the Greater Wilmington Business Journal.