Lumina Commons sells for $13.9 million

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The Lumina Commons Shopping Center between Wrightsville Avenue and Eastwood Road has sold for $13.87 million in a transaction that closed Monday, Aug. 4.

Nicholas Silivanch, Coldwell Banker Sun Coast Partners vice president of retail leasing and acquisitions, represented the buyer, real estate investment trust fund Phillips Edison-ARC Shopping Center REIT, Inc. of Cincinnati, Ohio, in the transaction.

Real estate investment trusts invest in real estate directly, either through properties or mortgages and typically offer investors high yields, as well as a highly liquid method of investing in real estate.

Coldwell Banker served as the property management agent while previous owner, Plaza East Associates, owned the property.

During a Wednesday, Aug. 6 phone interview, Silivanch said Coldwell Banker would no longer serve as the property management agent for the shopping center. Silivanch said he could not provide any other information about the sale at the time other than nothing about the shopping center is expected to change.

“The center is fine just the way it is,” Silivanch said. “The new owner is going to be managing and leasing the shopping center from now on.”

Opened under the original name Plaza East Shopping Center in 1974, it was renovated multiple times, including the name change to Lumina Commons Shopping Center. The total shopping center sits on 7.59 acres of land with around 85,000 square feet of retail and commercial space. Currently there are 11 businesses open in the shopping center.

The largest tenant and shopping center anchor, Harris Teeter, moved to the location in 2006 from its previous location in the now vacant Galleria Shopping Center across Wrightsville Avenue. Other major tenants include West Marine, Jersey Mike’s Subs, The Seasoned Gourmet, Crest Fitness and David’s Deli.

email cole@luminanews.com 

 

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