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.