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Real Estate - Commercial

Investors Pay $9.2M For Wilmington Industrial Property

By Cece Nunn, posted Apr 16, 2020
Edgewater Ventures bought the 240,000-square-foot distribution facility at 421 Landmark Drive in Wilmington. (Photo by Cece Nunn)
A commercial real estate investment firm with properties throughout the Carolinas recently completed its fourth Wilmington-area industrial acquisition.

Edgewater Ventures bought the 240,000-square-foot distribution facility at 421 Landmark Drive near the Port of Wilmington for $9.2 million, according to the deed dated April 3.

The seller was Noelle Holdings LLC, and Noelle Landmark LLC purchased the property in 2016 for $4.9 million.

The building is 100% leased to two tenants, a news release stated. But 50,000 to 60,000 square feet in the building, which features a clear height of 29 to 38 feet, can be made available immediately and will be marketed to an additional tenant, said Chris Norvell, partner in Edgewater Ventures. 

Norvell stated in the release, “We’re pleased to add the 421 Landmark Drive building to our growing industrial portfolio in Wilmington. We’re bullish about the long-term growth of the Wilmington market and view this facility as a strategic acquisition to serve tenants that require close proximity to the Port of Wilmington as well as infill, last-mile distribution needs throughout the market.”
 
The acquisition is Edgewater Ventures’ fourth industrial acquisition in the Wilmington region over the past three years, according to the release, bringing its total Wilmington industrial portfolio to more than 1 million square feet. 

In 2019, Edgewater acquired the 505,000-square-foot multi-tenant distribution center at 2975 Andrew Jackson Highway in Leland, as well as the 336,000-square-foot former boat manufacturing facility in Navassa, home to Pacon Manufacturing

In 2017, Edgewater bought the 51,000-square-foot building at 4151 Emerson St., the group’s first acquisition in the Wilmington market.

For the Landmark Drive transaction, Edgewater Ventures was represented by Cody Cress, Tyler Pegg and Will Daube with The CRESS Group of Wilmington-based Coldwell Banker Commercial Sun Coast Partners.

"A commercial real estate transaction of this magnitude, given current dynamics, is an incredibly positive sign,” said Scott Satterfield, CEO of Wilmington Business Development, in a news release. “We are excited to partner with Edgewater Ventures and The CRESS Group as we collectively work to attract another best-in-class industrial user and significant employer to this fantastic location.”

Cress said despite the uncertainty caused by the coronavirus pandemic, demand for industrial space in the area remains high and inventory is extremely limited.

"These critical factors are driving rental rates higher, which proves the economics for investors to purchase and for developers to construct more industrial buildings," Cress stated in the release.

"Also, in this new era of COVID-19 many tenants in industrial buildings are deemed essential, further strengthening this commercial real estate sector.”
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