Commercial Real Estate Blog
Investors buy downtown McKim & Creed building for $3.15M | WilmingtonBiz
Investors bought a building in downtown Wilmington recently for $3.15 million, according to an announcement from Wilmington commercial real estate firm Cape Fear Commercial.The 21,600-square-foot building at 243 N. Front St., occupied by engineering firm McKim & Creed Inc., was bought by a group of Chapel Hill-based investors.McKim & Creed, a company founded in the Port City that has grown to have 21 offices in six states, owned the building and will continue to occupy the space.”Herb McKim and Mike Creed set up shop in downtown Wilmington back in 1978,” said Marianna Boucher, corporate communications manager for McKim & Creed. “We just really enjoy being part of a vibrant and growing community, and we want to remain downtown.”Boucher said the company occupied a different building at first before buying 243 N. Front St. in 1985. At that time, property tax records show, a McKim & Creed entity called Front Street Development Corp. paid $387,680 for the property.Cape Fear Commercial (CFC) brokers Brian Eckel and Paul Loukas represented McKim & Creed in the recent sale-leaseback of the building, which is adjacent to the Water Street parking deck. “CFC worked with the firm to structure a long‐term lease that would ensure its continued presence downtown and ultimately serve as a basis for the sale‐leaseback to a third-party investor,” the news release said.The main partners in the group that bought the building are Chris Howlett and Louis Gonzalez, Loukas said. He said CFC received a tremendous amount of interest in the property. “The market clearly recognizes the value of an investment that is anchored by a prominent, well-respected tenant like McKim & Creed and is located in an area poised for continued growth,” Loukas said.Formerly known as the Fleet Davis‐Penney Building, the property dates back more than 100 years and was once home to retailer J.C. Penney.
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