Print
Real Estate - Commercial

Cape Fear Industrial Complex Sells For More Than $8M

By Christina Haley O'Neal, posted Jan 16, 2020
The Cape Fear Industrial Complex sold for $8.3 million this week. The building is 80% occupied. (Photo by Christina Haley O'Neal)
The Cape Fear Industrial Complex in Pender County sold this week for $8.3 million.

Jeremy Phillips, of Wilmington-based Environments Unlimited Commercial Real Estate LLC, was the listing agent on the property and facilitated the sale. The buyer was Cape Fare Holding LLC, which includes Joseph Ostreicher, president of Fine Fixtures Inc., as a partner, and the seller was Rocky Point Ventures LLC.

The limited liability company purchased the entire 448,687-square-foot facility, including the 38-acre campus, Phillips said Wednesday.

The Cape Fear Industrial Complex (right) consists of five buildings and was previously the site of cosmetics company Coty Inc., which shut down in 2011. It was Pender County's largest employer at the time. The complex was also once occupied by Del Laboratories Inc.

The facility includes 128,000 square feet of manufacturing space, 256,000 square feet of warehouse space, 55,000 square feet of office space and a free-standing 8,000-square-foot hazardous and flammable waste storage facility.

The Rocky Point area industrial complex holds several tenants, including Fine Fixtures, a New York-based bathroom furnishings supplier, which opened distribution operations at the site in 2018.

The company announced at the time that it would bring 20 jobs, occupy 80,000 square feet in the complex and would use the Port of Wilmington for product shipments.

“It was purchased primarily as an income-producing property, although there is some space left for future expansion of Fine Fixtures,” Phillips said.

Yoel Ferencz, CFO of Fine Fixtures, said that purchase was a “real estate decision.”

“[It’s] just an investment. We know the market. We know everything around, so it was a good deal,” Ferencz said, adding that there are no immediate plans for expansion there.

“Overall that area is a good spot – you’re two days from Florida, you’re two days from New York – it’s a perfect spot nationwide,” he said.

Other tenants include New Jersey-based distribution firm BlueArrow Warehousing & Logistics LLC, Filmwerks International Inc., Resole Patrol, Atlanta Flooring and Design and Portable Storage of N.C. LLC (dba PODs Moving & Storage), Phillips said.

The buyer is leasing to the tenants, and Phillips is the listing agent for future leases. The facility is about 80% occupied, he said.

“The lease up of the Cape Fear Industrial Complex has been a strong indicator of the need for industrial space in Pender County,” Phillips said. “Another strong indicator is the continued expansion of the Pender Commerce Park.”

This week, developers released plans for an industrial spec building slated to be built in Pender Commerce Park this year.

Around the 38-acre industrial campus in Rock Point, Phillips said, a sale is also pending on a 20-acre site just south of the complex at 1834 Carver Drive. He did not disclose the potential buyer. And just to the north, Environments Unlimited has another 20-acre site listed for sale at 1828 Carver Drive.

Both 20-acre sites to the north and south of the Cape Fear Industrial Complex are currently owned by Rocky Point Ventures LLC with David Barnes as the member manager.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshotrosaliecalarco 1182131047

The Government is Calling? Think Again!

Gretchen roberts 2021

7 Secrets the IRS Doesn’t Want You to Know

Gretchen Roberts - Red Bike Advisors
Chris 16239425

‘Creative,’ An Adjective To Describe Your Accountant?!

Chris Capone - Capone & Associates

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

NCino's Fourth-quarter Earnings Signal Rebound From Liquidity Crisis

Audrey Elsberry - Mar 27, 2024

In The Current Issue

Berries, A Battlefield And More In Pender

The N.C. Blueberry Festival, founded in 2003, is one of several events in Pender County that have drawn more attention over the years....


Expanding Tastes On Castle Street

As John Willse and Beth Guertin, owners of Wilmington Wine bottle shop and now the recently opened Creative Tastings restaurant on Castle St...


Park Progress

The planning for Pender Commerce Park began in the early 2000s when the county wanted to create an economic driver on its largely rural west...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments