A four-and-a-half acre Eastwood Road trailer park purchased in 1995 for $425,000 became the site for Lumina Station, the Phase I flagship retail, restaurant and office destination, which closed April 1 for $8,739,000.
It was almost 20 years to the day, recalled Lumina Station’s managing partner Joel Tomaselli that the LLC’s documents were filed with the N.C. Secretary of State’s office. His partners, then and now, have been Jim Wallace of Intracoastal Realty and Gene Miller, who split his third with John Elmore and Lionel Yow.
Lumina Station II’s ground level retail assets also closed yesterday for $5,826,000. The combined sale totals $14,565,000. Phase II’s second floor condominium office and retail spaces were not part of the deal.
During an interview with Lumina News April 2, Tomaselli said he and his partners never put the project on the market.
“We have been approached by people two or three times a year for the last 15 years,” Tomaselli said.
Burroughs and Chapin of Myrtle Beach was the first buyer he thought understood and appreciated the principals of design and development enough to pay a premium for it.
The Myrtle Beach-based corporation filed documents in Raleigh March 9 to conduct business as Lumina Station Commercial, LLC. Deeds are expected to be filed later this week.