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Thorpe Commercial Real Estate and DePersia & Associates, a Midtown Mergers & Acquisitions company, have completed the sale of two downtown Wilmington commercial properties: the Reel Cafe building at 100 S. Front St. and the adjacent property at 12 Dock St., home to Wilmington Distillery.
The transaction closed today. The properties were purchased by Ray Jenkins and John Cordell, owners of Reel Cafe. Both Reel Cafe and Wilmington Distillery are expected to continue operating unchanged following the sale.
Neal DePersia of DePersia & Associates, working in conjunction with Thorpe Commercial Real Estate, listed and sold the properties. Steve Hall, broker with Blue Coast Commercial, represented the buyers.
Reel Cafe has been a fixture in Wilmington’s restaurant and nightlife scene since 1998. Located in the heart of downtown, Reel Cafe features three floors, four bars, live music in the courtyard and on the rooftop bar, downtown views, cold drinks, and a popular summer concert series. More information is available at www.reelcafe.net.
“This transaction keeps two important downtown Wilmington properties in the hands of local operators who understand their history and importance,” said Neal DePersia, founder of DePersia & Associates. “Thorpe Commercial Real Estate played an important role in helping bring the sale together, and we’re pleased to continue supporting hospitality and commercial real estate transactions across the Carolina coast.”
The sale adds to a strong year of hospitality and restaurant activity involving Thorpe Commercial Real Estate, DePersia & Associates, and Midtown Mergers & Acquisitions. Recent transactions include the sale of Pinpoint Restaurant, now operating as Nils Mediterranean, in downtown Wilmington, and Osteria Cicchetti in The Forum shopping center on Military Cutoff Road.
Over the past 22 years, the team has advised on numerous restaurant, bar, hospitality, and commercial real estate transactions across the Carolina coast.
Midtown Mergers & Acquisitions works with business owners, buyers, and investors on the sale and acquisition of privately held businesses, hospitality assets, and related commercial real estate. DePersia & Associates, a Midtown Mergers & Acquisitions company, brings decades of experience in business brokerage and commercial real estate advisory services throughout North Carolina.
