CIL Capital plans to develop an additional 250,000-square-foot cold storage facility at the ILM Business Park costing $50 million, according to airport officials. The New Hanover County Airport Authority approved a new long-term ground lease with the Indiana-based firm at its March 2 meeting.
In November, CIL Capital signed a 30-year lease for two parcels at the park totaling 53.4 acres. At the time, the company announced it intended to invest $100 million on the project, which includes the construction of a 500,000-square-foot storage and distribution facility to cater to the life sciences industry.
Including the latest lease, the company now intends to introduce a total of 750,000 square feet of new cold storage space to the park through $150 million in investments.
The new 30-year lease covers a nearly 29-acre area, according to an ILM spokesperson.
CIL Capital focuses on purchasing and improving real estate property investments integrated with logistics businesses, according to the Wilmington International Airport (ILM).
“Due to overwhelming demand, CIL Capital has decided to move forward with a second facility at the ILM Business Park,” Michael Daily, CIL Capital’s COO said in an ILM press release.
The 140-acre ILM Business Park boasts foreign trade zones, U.S. Customs access and proximity to major transportation and urban corridors. Airport officials are preparing to issue a request for qualifications for consulting firms to study the park’s inventory and potential as it grows. Last year, the park gained three new tenants through leasing 70 acres: CIL Capital, Edgewater Ventures and Circle K.
Donna Girardot, chair of the New Hanover County Airport Authority said ILM was thrilled to have CIL’s addition. “CIL Capital’s continued investment in the ILM Business Park is a testament to their belief that they see ILM as a true economic development partner and the Business Park as a strategic location where they will thrive,” she said in the release.
New Hanover County Commissioners Chair and airport authority member Julia Olson-Boseman said the new investment was positive news for economic development and business growth in the area. “CIL Capital’s commitment to expand and build a second facility here in our county will bring more jobs and increase the tax base, and it also shows the value, opportunities and positive progress within our ILM Business Park,” Olson-Boseman said in the release.
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