As development continues to stretch from Wilmington, Cape Fear Commercial recently brokered a deal to keep a popular dental facility operating in Holly Ridge.
According to a CFC news release, the Wilmington-based commercial real estate firm closed on the sale of a medical office building for Riccobene Associates Family Dentistry, who officials said had a “strong, regional dental practice.”
The 3,800-square-foot office building on the corner of U.S. 17 and Sound Road was sold for $1.55 million though a selling and buying process involving CFC officials. Riccobene Dentistry has many locations throughout the state.
The Riccobene Dentistry Holly Ridge location opened a couple of years ago after moving into the building as a tenant. Some of the specialties include general, cosmetic, and sedation dentistry. Residents in the location were previously served through White Dental.
According to the latest Onslow County records, the 0.73 acre site is owned by White Dental Properties, LLC. The listed assessed value is more than $896,000 for the land and building.
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It was emphasized in the announcement that outside investors and local buyers are discovering investment opportunities beyond Wilmington. The Holly Ridge location in Onslow County is one of those places. In recent week, CFC brokered deals in rural areas. CFC representatives said the smaller markets and investors are finding quality assets with returns higher than one’s in North Carolina’s larger markets.
“In surrounding counties and across the state, we’re seeing investors attracted to the higher cap rates,” stated Paul Loukas, CFC Broker-In-Charge in a news release.
CFC Vice President Patrick Riley added that the retail sector shows immense promise in developing regions.
“Especially in cases where you have a property located on a major highway along common commuting routes, it’s an ideal investment right now,” he said.
Among other development in rural areas, CFC recently oversaw a $3.75 million 24-unit apartment complex in Hampstead, off U.S. 17, in Pender County, known as Ocean Highway Apartments. CFC officials said population growth and the region’s job market are bringing new multifamily development opportunities in Hampstead. The Hampstead Bypass, a $429 million project from the North Carolina Department of Transportation, was also mentioned as road improvements that will link Hampstead and Wilmington markets.
Linsey Hess, CFC vice president, said the firm saw a huge retail and multifamily boom in Brunswick County as Wilmington’s room for growth started to diminish. The trends are now happening in Pender, Hess said.
“The growth beyond Wilmington, to the north and to the west allows these tertiary markets to establish their own identities and allure. In Hampstead particularly, there’s so much more to come,” Hess said.
Reporter Chase Jordan can be reached at [email protected]