Loukas Closes Sale of Hampstead Development Tract, Brokering Over $21M in Transactions in Less Than Two Weeks
Jun 12, 2017
Wilmington, N.C. – Cape Fear Commercial today announced that it has closed on the sale of a 43-acre residential development site in Hampstead. The land, which is situated at U.S. Highway 17 and Grandview Drive, sold last week for $1.425 million to Crestwood Development LLC.
Paul S. Loukas, CCIM, of Cape Fear Commercial represented the Seller, S&R Grandview LLC, in the transaction.
The development tract is currently being entitled for a single-family residential development.
“Hampstead continues to be a highly sought after market for builders and developers,” said Loukas. “There are a number of projects in the planning phase, which speaks to the strength and attractiveness of the area.”
Loukas went on to say, “Even with strong demand, the market is extremely sensitive to land and development costs. Our region is largely driven by the gross sales price of homes as compared to a price per square foot value.”
In closing this transaction, Loukas sold more than $21 million over a 10-day period.
About Cape Fear Commercial
Founded in 2001, Cape Fear Commercial, LLC 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 about the company, visit www.capefearcommercial.com.