Real estate investors are finding the Wilmington area highly attractive and John Mikels, the managing director of the commercial real estate company JLL, which represented the seller, explains why. Pointing out that both Brunswick and New Hanover counties have experienced continued growth and development, he said this has resulted in substantial interest from investors throughout the country.
Expanding on the situation to the Wilmington Star News Mikels said:
"The whole growth story (in Wilmington) has got a lot of residential investors excited about ... putting their money to work down here long term, building more apartments, retail, shops, places to eat, places to hangout."
Banner printing services are in great demand by developers as construction comes to a close and it's time to start signing rental contracts as well as by businesses conducting their grand opening in existing structures.
The 286-unit waterfront Pier 33 complex, which was built in 2020, has an average unit size of 872 square feet with an average rental price of $2,106. Considered one of the finest properties in the Wilmington market with its downtown location, retail space amounting to around 21,000 square feet. According to the state’s Special Warranty Deed $170,700 of excise tax was paid, which means that at $1 per $500 of property value excise tax rate the sale price was approximately $85,350,000.