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
Headshotrosaliecalarco 1182131047

Nominate your Hometown Hero

Untitleddesign5

The Transformation and Evolution of Leadership

John Monahan - Vistage
Jane

It’s Child’s Play

Jane Morrow - Smart Start of New Hanover County

Trending News

Filling In: Apartments Edge Into Downtown Pockets

Emma Dill - Jun 20, 2024

Entrepreneur Buys Downtown Building For Escape Room Venture

Emma Dill - Jun 21, 2024

Star Power: Feature Film Uses Carolina Beach Setting

Staff Reports - Jun 20, 2024

Aging In Place

David W. Frederiksen - Jun 21, 2024

Testing The Waters: New Regulations Are Flowing To Make Water Safer

Audrey Elsberry - Jun 20, 2024

In The Current Issue

Startups Weigh Local Support

What do Wilmington startup newcomers moving for quality of life and proximity to the beach think of the area through a technological and ent...


Pretzel Production Presence

Drink’N Pretzel makes seasoned sourdough pretzel pieces. Officials say the company began with the mission of creating a snack that pairs wit...


CVB Dollars Fuel Out-of-state Push

From marketing to potential visitors via streaming services to attracting more events to the convention center, the Wilmington and Beaches C...

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