Wilmington NC Real Estate News
214 Southern Blvd-Sunset Park Property SaleDecember 4, 2018
Wilmington, NC – Ayize Glenn Gray, a broker with Coldwell Banker Commercial Sun Coast Partners, recently negotiated the sale transaction of 214 Southern Blvd in the Sunset Park area of Wilmington, NC. This property had languished on the local MLS for a couple of years before the property owner, Bobby Schupp, was referred to Gray. The referral came from a residential broker that recognized the complexities involved in a commercial property listing were better suited to a commercial real estate broker. Gray was able to procure a buyer for the property quickly, but unforeseen challenges led to difficulty in closing the deal.
There were easement issues, right-of-way issues, family dynamics, an outdated lien against the property and finally roof damage thanks to Hurricane Florence, which all led to the necessity of three separate surveys. The seller, Bobby Schupp, praised Gray’s communication, thoroughness and negotiation skills in being able to overcome the numerous roadblocks and complete the sale transaction.
The property, 214 Southern Blvd, has been in the seller’s family for over 40 years and a community center for approximately 65 years. The building contains a laundromat, no longer operating, a three-bedroom apartment and a mom-and-pop convenience store.
The buyer, J. Larsen of Gulf Commercial Properties, has a 30-year history of developing properties in the Wilmington area. Citing a strong building with good bones, Larsen intends to reinvigorate the property, install new equipment in the laundromat, put in new landscaping and lighting, and continue operations of convenience store, in order to service the Sunset Park community. The apartment will also be updated and will offer much needed housing to an area hit so hard by Hurricane Florence. Additionally, Larsen is hoping to build some affordable housing and apartments on the additional land included in the property sale.
“As a commercial broker it was a privilege to help a family dispose of a hard-to-sell property, manage and navigate a somewhat difficult process to close. I definitely had the support of senior brokers at my firm, a supportive client who was willing to engage in different ideas, a willing buyer who definitely showed patience and a strong interest to get to the closing table, and a team of hard-working consultants including lawyers and surveyors, that played key roles in overcoming a myriad of obstacles. Since joining Coldwell Banker Commercial Sun Coast Partners earlier this year, this transaction offered me a great opportunity to serve and perform with excellence for my client. Given it was a referral from a residential broker, the result exemplifies how a commercial broker can help residential brokers and vice versa.” Ayize Glenn Gray.
Coldwell Banker Commercial Sun Coast Partners was founded in Wilmington, NC in 2004 to meet the commercial real estate needs of companies throughout southeastern North Carolina. The firm is comprised of 21 commercial agents and 11 staff members who specialize in real estate sales, leasing, investment and property management for retail and commercial property owners from Onslow County to the South Carolina border. Coldwell Banker Commercial Sun Coast Partners was the number one office in North Carolina for Coldwell Banker Commercial in 2008, 2012, 2014, 2015, 2016 and 2017 and consistently ranks among the state’s top performers. For additional information, visit www.cbcsuncoast.com.