CHARLOTTE—The Forum, a 105,000-square-foot boutique retail center located on 13.6 acres in Wilmington, N.C., has a new owner. The $24.7 million sales price equals $233 per square foot.

Lori Schneider, senior vice president investments in Marcus & Millichap's Fort Lauderdale office, represented the seller, the developer of the property, Swain & Associates. Schneider also secured the buyer, L&B Realty Advisors LLP, a Texas-based pension fund advisor.

“The property drew a national audience and ultimately, the right institutional buyer,” Schneider tells GlobeSt.com. “Many institutional investors target just the top five to 20 markets, but in this case prospective buyers recognized the strengths of the Wilmington submarket, which include its stable economy, the presence of the University of North Carolina and popularity with tourists.”

Located on 14 acres at 1125 Military Cutoff Road in Wilmington, The Forum is across from Mayfaire Town Center, a 570,000-square-foot grocery-anchored, big-box lifestyle center. The Forum is a landmark property that offers retail and services for an affluent neighborhood with an average annual household income of $115,000.

Since 1978, Swain has developed more than 120 projects spanning more than 3 million square feet of retail space throughout the Carolinas. The firm will continue to maintain its offices at The Forum and handle leasing responsibilities.