title
Resolution to Approve an Upset Bid for 2451 S. College Road in the Amount of $1,350,000
body
Department:
Economic Development
Meeting Date:
9/9/2025
Contact Name:
Aubrey Parsley
Public Hearing:
No
Contact Phone:
910-200-8382
Advertising Date/Advertised By:
8/15/2025
Attachments:
Attachment #1: Resolution to Accept Upset Bid
PURPOSE:
The purpose of this resolution is to accept the final bid received for 2451 S. College Road ("Property") under the upset bid process.
BACKGROUND:
The Property was acquired by the City in 2008 and utilized by the Wilmington Police Department until January 2025. The relocation of WPD operations to various other locations has rendered the property vacant.
City staff procured the services of TJT Management Company, LLC ("Town & Country"), following a competitive procurement process which concluded with Council's approval on July 16, 2024, and a listing agreement reached on October 19, 2024. After performing due diligence activities and preparing marketing materials, the Property was listed for sale on the Multiple Listing Service ("MLS") on February 10, 2025. The City received an offer in the amount of $1,000,000 from Vinny, Inc., and Council approved authorizing an upset bid process for the property on June 23, 2025.
A subsequent offer was then received in the amount of $1,100,000 from Gorilla, LLC, which met the criteria established in N.C.G.S. ?160A-269 as a qualifying upset bid. The bid from Gorilla, LLC was advertised via public notice in a newspaper of general circulation on July 11, 2025, and called for upset bids by 3:00 PM on July 21, 2025.
A subsequent offer was then received in the amount of $1,200,000 from Brier Creek 7780, LLC, which met the criteria established in N.C.G.S. ?160A-269 as a qualifying upset bid. The bid from Brier Creek 7780, LLC was advertised via public notice in a newspaper of general circulation on July 28, 2025, and called for upset bids by 3:00 PM on August 7, 2025.
A subsequent ...
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