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Real Estate - Commercial

Investors Buy Navassa Property Where Manufacturer Plans 300 Jobs

By Cece Nunn, posted Jul 8, 2019
Investors have purchased the property where Pacon Manufacturing plans to create 299 jobs and invest more than $37 million. (File photo)
A group of investors has purchased the former boat-building facility in Navassa where a manufacturer plans to create 299 jobs and invest more than $37 million.

The group that bought the former U.S. Marine site at 100 Quality Drive, which includes 336,000 square feet of industrial space, is Quality Drive Partners Holdings LLC, with whom Pacon Manufacturing executed a long-term lease. The transaction was announced in a release Monday from The Cress Group of Coldwell Banker Commercial Sun Coast Partners.

According to a Brunswick County deed dated June 28, the $6.2 million transaction involved nearly 60 acres, and the seller was Brunswick Corp.

Quality Drive Partners Holdings LLC's registered agent is Christopher Norvell, who said Monday that the partnership is made up of Singerman Real Estate (SRE), a Chicago-based real estate investment firm, and local Wilmington investment partnership DBRE LLC. 

The Navassa transaction comprises a long-term sale-leaseback of the facility to Pacon Maufacturing, Norvell said. The buyer was represented in the acquisition and negotiation of the sale-leaseback by Norvell, who is the senior managing director of HFF’s Carolinas Office.

Pacon Manufacturing was represented in the lease by Cody Cress and Tyler Pegg with The Cress Group of Coldwell Banker Commercial Sun Coast Partners.

"Over the next 12 to 18 months, Pacon will complete building improvements to help facilitate their manufacturing and distribution needs while phasing the installation of their manufacturing equipment and operations," the Sun Coast Partners announcement stated.

Founded in 1949, Pacon Manufacturing develops and manufactures wipes, pads, towels and liquids for the consumer, industrial and medical industries.

In April, Gov. Roy Cooper announced Pacon’s choice of Navassa for a new plant. Also in April, the firm received a $700,000 Building Reuse Grant from the state's Rural Infrastructure Authority to support its renovation of the facility at 100 Quality Drive.
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