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| The Forum, 1125 Military Cutoff Road, Wilmington, NC |
WILMINGTON, N.C., Oct. 10, 2013 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of The Forum, a 105,000-square-foot
boutique retail center located on 13.6 acres in Wilmington, N.C.
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| Lori Schneider |
The $24,680,000 sales price equates to $233 per square
foot.
Lori Schneider, senior vice president investments in
Marcus & Millichap’s Fort Lauderdale office, represented the seller, the
developer of the property, Swain & Associates. Schneider also secured the
buyer, L&B Realty Advisors LLP, a Texas-based pension fund advisor.
“The
property drew a national audience and ultimately, the right institutional
buyer,” says Schneider. “Many institutional investors target just the top five
to 20 markets, but in this case prospective buyers recognized the strengths of
the Wilmington submarket, which include its stable economy, the presence of the
University of North Carolina and popularity with tourists.”
Since 1978, Swain & Associates has developed more than
120 projects comprising more than three million square feet of retail space
throughout the Carolinas. The firm will continue to maintain its offices at The
Forum and handle leasing responsibilities.
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| Mayfaire Town Center |
Located on 14 acres at 1125 Military Cutoff Road in
Wilmington, N.C., The Forum is across from Mayfaire Town Center, a
570,000-square-foot grocery-anchored, big-box lifestyle center.
The Forum is a landmark property that provides retail and
services for an affluent neighborhood with an average annual household income
of $115,000.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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