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.
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