A local business has expanded its footprint in the area after the purchase of property in a tight industrial market, a local agent said this week.

Southeastern Heating & Air Conditioning, a full-service HVAC company owned by FXP Inc. that has served New Hanover, Pender and Brunswick counties since 1974, bought the 14,000-square-foot industrial building at 1934 Colwell Ave. in Wilmington for $630,000 from Bethea Realty Co., according to New Hanover County property tax records and a news release. The building will serve as the new, expanded location for the company.

Sharon Cushing, an agent with Coldwell Banker Commercial SunCoast, represented FXP Inc. in the purchase.

“Southeastern Heating & Air Conditioning has grown significantly, and this purchase will allow us to almost triple our space from our current, 5,000-square-foot location,” said Frank Patz, president of FXP Inc., in a news release. “We’ve been working with Sharon since August 2015 to find just the right industrial space, and when she showed this to me, we signed a contract that same day. Thanks to Sharon, we were able to close in just 41 days, which will enable me to get my business relocated just after our peak summer rush. Her professionalism and persistence really paid off for us.”

Built in 1969 for Bethea Realty, owners of a family-run medical distribution company, the property remained in the family for 47 years before FXP Inc. bought it, the release said.

The building is located on 1.62 acres near the intersection of 17th and Castle streets and allows easy access to downtown Wilmington, Leland, the beaches and all major roadways, according to the release. The building includes 2,000 square feet of office space and 12,000 square feet of heated and cooled warehouse space with 19-foot ceilings.

“Industrial space is hard to come by in Wilmington,” said Cushing. “So when this property became available, I immediately contacted Frank to schedule a showing and 41 days later, we closed. Closing in less than 60 days is almost unheard of, but I worked with the banker, lawyer, surveyor and appraiser to get everything scheduled and completed as quickly as possible. Summer is Frank’s peak time and he wanted to get this concluded quickly so it would not take time away from his business. He is doing some renovations to the property and plans to move in after the summer busy season.”

The seller was represented by Keith Austin and Charlie Rivenbark of Maus, Warwick, Matthews, & Co.