Print
Real Estate - Commercial

Wilmington Industrial Buildings Sell For $9M To New York-based Firm

By Staff Reports, posted Oct 26, 2021
A New York-based firm bought industrial properties at 3700 and 3720 U.S. 421 North in Wilmington for $9 million. (Photo courtesy of Treeline)
Continuing a trend of increased industrial activity in the region, a New York-based real estate developer, owner and investor recently bought a two-building industrial portfolio in Wilmington.

According to a news release, Treeline acquired 3700 and 3720 U.S. 421 North from Burgess Corp., a construction and project management company, in an off-market transaction.

The properties include a 66,274-square-foot building that was recently renovated into class A industrial space at 3700 U.S. 421 North and a newly constructed 40,000-square-foot industrial property at 3720 U.S. 421 North, the release stated.

The buildings are fully leased to market rate tenants.

“Treeline has been looking to expand our investments to the Southeast and we are excited to close on this first acquisition in the region,” said Daniel Schor, chief business development officer at Treeline, in the release. “The explosive growth in the region has been particularly attractive to Treeline’s investors.”

Treeline currently has several more deals underway in North Carolina and is pursuing additional industrial and office investments in Raleigh, Charlotte and Wilmington, in addition to assets in South Carolina, the release stated.

“While we have been known predominantly for our investments in the Northeast, Treeline is extremely bullish on the Southeast markets due to the region’s explosive growth, access to ports critical to U.S. logistical infrastructure, the presence of a young, skilled labor force and ongoing population migration to the region,” Schor said in the release. “These factors have created opportunities that match well with our investment criteria.”

The Wilmington properties acquired by Treeline hold more than 106,000 square feet of modern warehouse, distribution and office space, including ample truck and car parking, six high door loading docks and three drive-in bays, the release stated.

"The property at 3700 US Highway 421 North is occupied by South-Tek Systems Inc., an industry leader in nitrogen generation technology, and the property at 3720 US Highway 421 North is occupied equally by Mid Atlantic Roofing Systems and Aprinnova Inc., a leader in sustainable manufacturing and specialty chemicals used in the creation of non-toxic cosmetics," according to the release.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Billcoleman lopw headshot

Reaping The Benefits Of Patience

Bill Coleman - Live Oak Private Wealth
Burrus rob headshot 300x300

Is Humor In Your Leadership Toolbox?

Robert Burrus - Cameron School of Business - UNC-Wilmington
Chris coudriet

County Takes Innovative, Forward-Thinking Approach For Pandemic Operations

Chris Coudriet - New Hanover County Government

Trending News

Wrightsville Beach Oceanfront Home Sale Tops May Record

Cece Nunn - Dec 1, 2021

Chamber Releases Economic Scorecard on Wilmington Region 

Johanna F. Still - Dec 1, 2021

Development Proposal Plants Commercial Space On Farm Land

Cece Nunn - Dec 3, 2021

Soup's On At New Asian Restaurant In Porters Neck

Jenny Callison - Dec 1, 2021

With Listening Sessions Complete, New Hanover Endowment Looks Ahead

Johanna F. Still - Dec 2, 2021

In The Current Issue

Chain Reaction: Coping With A Disrupted Supply Chain

The worldwide supply chain disruption is a perfect storm, said Drew Rosen, professor of supply chain management at the University of North C...


New Stores, Eateries Aim To Boost Mall

The transformation of a portion of Independence Mall continued this year, with new stores and restaurants opening recently....


Seniors Find Health, Friends In Fitness

If there’s one word to describe the members of Sandy Sneakers, an exercise group for seniors, it’s “vivacious.” They have the energy of a 30...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100