Print
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.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Carolinemontgomery4

Paycheck Protection Forgiveness Just Got A Lot Easier

Caroline Montgomery - Adam Shay CPA, PLLC
Aarp suzanneheadshot 300x300

Watch Out For Fraudsters Posing As COVID-19 Contact Tracers

Chris coudriet

New Hanover County Awards $1.3 Million To 130 Local Small Businesses

Chris Coudriet - New Hanover County Government

Trending News

NCino Shares Expected To Begin Trading This Week

Christina Haley O'Neal - Jul 13, 2020

County Releases More Details About Potential Hospital Sale Proceeds

Vicky Janowski - Jul 13, 2020

NCino Raises IPO Value To Nearly $3 Billion; Plans To Start Trading Tuesday

Staff Reports - Jul 13, 2020

Wells Fargo Plows PPP Proceeds Into Small Business Relief Programs

Jenny Callison - Jul 13, 2020

In The Current Issue

New Eateries Still Open Despite Virus

While some restaurants have gone out of business and others are still temporarily closed, others are expanding....


Industrial Sector Shines In Pender

Industrial commercial real estate gained more attention over the past few months as a sector that’s still doing well, despite an economic do...


Dosher Memorial Marks 90th Anniversary

Dosher Memorial Hospital in Southport recently commemorated its 90th anniversary. The critical access community hospital opened June 2, 1930...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`