Investors on Friday bought a 48,000-square-foot shopping center in Wilmington for $8.5 million. 

The center, University Square Outlet Mall at 806 S. College Road, is home to New Saigon International Market, Apple Annie’s Bake Shop, Long Island Eatery and Wilmington Furniture & Mattress Co., among others.

Cary-based AM Real Property LLC bought the center from Hospitality Holding LLC. Steve Hall of Wilmington-based BlueCoast Commercial represented the seller in the transaction.

The facility, which sits on 3.85 acres of regional business-zoned land, “boasts dual-access points and outstanding visibility, making it a highly sought-after asset in the rapidly expanding Southeast North Carolina market,” according to a statement from BlueCoast Commercial. 

Hospitality Holding bought the center in 2019 for $4.4 million and made significant improvements, Hall said.

The buyers were represented by Blake Thomas and Daniel Cheng of Avision Young, a firm with offices throughout the U.S., including the Raleigh-Durham area.