Print
Real Estate - Commercial

Investors Buy Warehouse In Navassa Industrial Park

By Cece Nunn, posted Jul 10, 2015
This 9,600-square-foot warehouse in Navassa sold recently for $435,000. (Photo courtesy of P.J. Doherty, Carolina Commercial Investment Properties)
Property in a small industrial park in Navassa was purchased by some investors this week for $435,000, a broker said Friday.

The 9,600-square-foot warehouse at 430 Bluff Hill Drive in the Bluff Hill Industrial Park was formerly the home of Cape Fear Riverwood Products until last year, said P.J. Doherty, a broker with Carolina Commercial Investment Properties.

Doherty represented the buyer, Schoolsong LLC, in the sale while Paul Loukas, senior vice president and broker at Cape Fear Commercial represented the seller, Cape Fear Riverwood & Property LLC.

Doherty said the investors are looking for a tenant for the warehouse, which he described as being “well-positioned” because of its proximity to a forthcoming new offramp to Navassa from Interstate 140.

The sale is another sign of a steady improvement in the industrial real estate market, which is expected to become even better when current local N.C. Department of Transportation projects are finished and more infrastructure is added to industrial zones, he said.

“We’re seeing it heating up particularly for properties that have large roll-up doors and a good lay-down yard area,” Doherty said.

Construction is still mostly at a standstill for the time being, however, he said, and the Navassa park includes some vacant lots. 

"I anticipate that’s going to change when I-140 is completed," Doherty said.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Frankjolly liveoakprivatewealth

Roaring Market, Rocky Economy

Frank Jolley - Live Oak Private Wealth
Drewsmith copiersplus headshot

How Accessories Can Step Up Your Copier Game

Drew Smith - Copiers Plus
Carolinemontgomery4

Tax Notices In A Covid-19 World

Caroline Montgomery - Adam Shay CPA, PLLC

Trending News

Trask Land Plans Two Communities On More Than 500 Acres

Cece Nunn - Sep 17, 2020

Judge Rules Wilmington Vacation Rental Code Illegal

Cece Nunn - Sep 16, 2020

Builder Buys Pender County Property For Single-family, Townhouse Neighborhood

Cece Nunn - Sep 18, 2020

Castle Street Project 'ready To Go' Once State, City Agreements Secured

Cece Nunn - Sep 16, 2020

Q&A: How Wilmington's Corning Facility Plays Vital Role In Optical Fiber Business

Christina Haley O'Neal - Sep 18, 2020

In The Current Issue

More Using RV's For Safe Travels

Limitations resulting from the novel coronavirus have “opened the eyes of people who never thought about [traveling by RV] before,” said Tra...


Building A Career Around Home

As a child in the Western North Carolina town of Black Mountain, Annah Norris didn’t really have a place to call home....


Delaney Partners Up On Health Outreach

Delaney Radiology recently announced that is partnering with the educational initiative What’s Normal? What’s Not? to provide free breast he...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`