The $1.35 million transaction involved 5.5 vacant acres at 8604 Market St. The seller was Wilmington Health.
The buyer, SAMM Properties, sees the potential for development at the site, as it did when it used to own it more than 15 years ago.
“We are in the process of doing our market research for this area and being it is already zoned B-2, it already allows all of the uses that SAMM Properties is accustomed to developing,” said Parker Anderson, developer with SAMM Properties.
The company, led by Parker Anderson’s father, Steve Anderson, has developed numerous projects around Wilmington, especially in the Bradley Creek/Mayfaire area, including all six of The Offices at Mayfaire.
A SAMM Properties entity last owned the Market Street site in 2007, when it was part of a larger tract.
“When we previously owned this site, we also had Howe Creek Landing to develop, which was another 5.5-acre site in the middle of Mayfaire,” Parker Anderson said. “At the time, we believed this site was premature to develop and there was an opportunity to sell it to another group, knowing there would be other opportunities in this corridor in the years to come.”
Since then, northern New Hanover County has experienced significant growth.
“That pattern is continuing, especially when you look at the growing number of residential projects in this area,” Parker Anderson said. “As things have continued to expand toward the Porters Neck and Scotts Hill area, we knew this was an area SAMM Properties wanted to be and the opportunity presented itself when this 5.5 acre site that we previously owned became available.”
Wilmington Health at one time had plans to use the property for an expansion in the Porters Neck area, where it already has a facility, but the plan changed, said Steve Hall, partner in Maus, Warwick, Matthews & Co. Hall represented Wilmington Health in the transaction.
Asked about a potential timeline for the property’s development, Parker Anderson said, “Our development of this site will be market-driven as all our developments are. Due to SAMM Properties not being commercial spec developers, we will allow the market to dictate when and what will be developed at this site.”
“Working with SAMM Properties was so easy. They anticipated what I needed before I even thought of it. I never had to ask any questions about the process. Everything was explained in detail all along the way. I would recommend them to anyone looking to lease or purchase space for their business.”
“After renting my office space for 20 years we purchased our medical office space from SAMM Properties four years ago. Best business decision I've ever made! SAMM is easy to work with and they over deliver. I highly recommend them.”
“Steve Anderson is a quality person, who builds a quality product, and makes the entire process a quality experience. He knows what owners want and need in a commercial property. I have purchased two units in Howe Creek Landing and have been delighted.”
“We worked with Steve Anderson on the lease of our office space in Mayfaire. We were thrilled with the final outcome and look, all beyond our expectation. What we appreciate most was his communication, attention to detail, and delivery of expected results and then some within the expected time frame.”
“My wife and I were leasing space for our retail store here in Wilmington and Steve approached us about purchasing space in Phase II of Anderson Square. Since we had always wanted to own our store space, we actively pursued purchasing a location in Anderson Square. I had known Steve for a number of years but had never had a business relationship with him. I was not surprised at all to find that it was an absolute pleasure to deal with him as our new location was being built. He was always available to help in any way he could to be a problem solver during the construction. I had been expecting a lot of hassles during the build as the gremlins seem to thrive around construction sites, but my experience was the opposite. If I needed help or advice, Steve was right there smoothing the way.
We opened our new location in 2004 and I worked closely with Steve until he sold his interest in Anderson Square in 2016. During those years, I found him to be very concerned about the welfare of all the store owners in the center and was constantly picking up trash, hanging Christmas decorations or driving through to check on any parking problems. Steve is the type of developer that remains involved in his projects long after they are completed. I would highly recommend him to anyone looking to own or lease a portion of any project he is building.”