Print
Real Estate - Commercial

Investors Buy Old Wilmington City Market For More Than $2.5M

By Cece Nunn, posted May 22, 2024
A marketing photo shows the location of the Old Wilmington City Market along the Cape Fear River. (Courtesy of BlueCoast Commercial)

New owners will decide what’s in store for a historic retail landmark in downtown Wilmington.

A group of local investors – Joshua Benson, Nicholas Cole and Knox Harris – bought the Old Wilmington City Market at 124 S. Front St. and 119 S. Water St. for more than $2.5 million this week, brokers said.

“The goal is to continue to improve the structure…we have no plans to tear it down,” Harris said on Wednesday.

Previous owner ER Quiver Family Limited Partnership, which Erik Hemingway and others managed, purchased the property for $1.5 million in 2020.

The 14,700-square-foot market, which has entrances on South Front and South Water streets, was built in the 1880s and holds a variety of retail tenants.

The Hemingways had explored redeveloping the property, obtaining permission from the city’s historic preservation panel to remove the market’s contributing historic structure status.

The approval would have allowed it to be demolished and replaced with something new, but the potential redevelopment didn’t come to fruition for the Hemingways. They decided to move on and sell the property, said Eian Lundy, executive vice president of Wilmington-based BlueCoast Commercial, who represented the Hemingways in the transaction. 

Will Daube and Ross Tomaselli of Wrightsville Beach-based Cadence Realty represented the buyers in the sale.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Jimheadshot

The Wilmington Construction Market: Trends, Recognition, and Challenges

Jim Hundley - Thomas Construction Group
Chris coudriet

A Public Service Profile on Communicating in the Face an Emergency

Chris Coudriet - New Hanover County Government
Untitleddesign4

Paving the Way to Better City Streets

Tony Caudle - City of Wilmington

Trending News

Greenfield Amphitheater Could Get New Seating, More Space

Emma Dill - Jun 12, 2024

Chamber Announces 40 Under 40 Winners

Staff Reports - Jun 11, 2024

Grimmburger Food Truck To Open Brick-and-mortar Location At The Forum

Emma Dill - Jun 11, 2024

Protocase Selects Wilmington For Its First US Expansion

Emma Dill - Jun 12, 2024

Seabird Chef Calls James Beard Awards 'a Win' Even Without Top Prize

Staff Reports - Jun 11, 2024

In The Current Issue

CFCC, UNCW Expand Programs

Health care industry training programs have been getting a boost....


Home Options: Stage Set For Accessory Dwelling Units To Proliferate

Defined as a separate residential living space on the same lot as a primary dwelling, the topic of ADUs is seeing a resurgence in the Port C...


Canapi Venture’s Fund Raises Stakes

This fund is focused on supporting companies that further AI governance, cybersecurity and climate technology....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season