"Income properties are just red hot," said Hansen Matthews, partner in Wilmington-based commercial real estate firm Maus, Warwick, Matthews & Co., on Wednesday.
Matthews, who was the listing agent for Market Street Center, said the property is favored by a great location and has been well maintained by the previous owner, RECO LLC.
"I wish we had a dozen more just like this one.
Investors' appetites for income properties has outpaced the supply, and we are under contract with others at this point.
Low interest rates combined with a high stock market index are pushing investors towards these types of investments," Matthews
said in an email.
said the center features several long-term tenants, including Empire Deli
and Papa Johns
also represented the seller in the sale of a smaller retail property at 2319 S. 17th St. in Wilmington near New Hanover Regional Medical Center
"The NHRMC campus is the magnet for everything that happens along this commercial corridor and, after just investing a few hundred million dollars in this facility, it's clear that they won't be leaving for the next several decades," Matthews
said in an email, referring to the hospital.