On Friday, April 12, Cape Fear Commercial Vice President Hank Miller III announced his company helped Galleria Shopping Center owner, Equity One LLC of Marietta, Ga. sign a Letter of Intent with Woodfield Investments of Charlotte, N.C.
Miller said several offers were made for the 12.2 acres of land and Woodfield Investments was chosen because the company has the most experience and expertise for the property’s redevelopment.
“In the real estate world, a Letter of Intent is that both parties agree on the price and the terms they intend to move forward with and write a contract around,” Miller said. “But until the contract is signed it is not a done deal.”
Woodfield’s CEO, Mike Underwood, will be among the team scheduled to meet with planning staff from the town of Wrightsville Beach next week, Miller said. No final sale has been made yet and Brian Schick, vice president of development at Woodfield, said his company would not make any public statements about redevelopment plans for the site before the sale is made.
The land on which the 97,864 square foot Galleria Shopping Center sits was incorporated into the corporate limits of the town of Wrightsville Beach in 1985. As of 2012, the property was valued at approximately $3.6 million.