Walmart closes on Surf City property
Nov 22, 2013
Story by: J. Elias O’Neal, posted on WilmingtonBiz.com
New retail options will soon be headed to Surf City.
After Surf City Town Council officials green lighted plans submitted by Walmart in early November to build in the coastal town, corporate officials have moved forward with purchasing the 7-acre parcel in the Promenade at Surf City development, according to a news release.
Officials with Wilmington-based Cape Fear Commercial announced Thursday that Walmart officials recently closed on the parcel in the development at intersection of N.C. highways 50 and 210.
The transaction closed Nov. 15.
Bryce Morrison Jr., vice president and broker with Cape Fear Commercial, completed the transaction for an undisclosed amount.
Walmart purchased the property to construct a new 41,839-square-foot Walmart Neighborhood Market. The new store concept, the first of its kind in eastern North Carolina, according to a news release, will feature a grocery store with a drive thru pharmacy.
It is scheduled to open in late spring 2014.
“We are fortunate to help bring the Walmart Neighborhood concept to the Promenade at Surf City,” Morrison said in a news release. “It will be a major amenity to the Surf City and Topsail Beach Market, as well as surrounding markets in eastern North Carolina.”
The Promenade at Surf City is a 22-acre retail development is currently home to other retailers such as CVS Pharmacy, McDonalds and Tsunami Surf Shop.
The Promenade has seen a dramatic increase in inquiries with the addition of Walmart Neighborhood Market from prospective buyers looking to purchase the three remaining outparcels, as well as from tenants interested in leasing roughly 15,000 square feet of available retail space, the news release stated.
View the original story on the Greater Wilmington Business Journal’s website.