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Real Estate - Commercial

Raleigh Company Buys Industrial Property In Wilmington For $925K

By Cece Nunn, posted May 18, 2015
A building at 1502 N. 23rd St. appeared to be vacant Monday. Property at that address was sold to a Raleigh company last week for $925,000. (Photo by Cece Nunn)
A Raleigh firm bought industrial property on North 23rd Street last week from TD Bank for $925,000, according to a deed recorded Friday in New Hanover County.

The deed says RITD LLC bought tracts 1 and 2 of 1502 N. 23rd St., Wilmington. The address includes more than 41,000 square feet of office, warehouse and showroom space on 3.02 acres, according to New Hanover County property tax records and Loopnet.com. The property, at one time home to a displays and graphics business, is across from Screen Gems Studios and near the Wilmington International Airport.

The address listed in the deed for RITD LLC belongs to Abatement Restoration Services of Raleigh, a company that handles indoor environmental remediation, restoration and emergency response services, according to the firm’s website. A phone message left with an Abatement Restoration Services employee Monday morning seeking more information about the Wilmington purchase was not immediately returned.

Cody Cress and Tyler Pegg with The CRESS Group of Coldwell Banker Commercial Sun Coast Partners represented the buyer in the transcaction.

Property tax records show that before last week, the most recent sale of the property, to TD Bank from the Carter family, occurred in May 2014 for nearly $1.2 million. 

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