Real Estate - Commercial

Firm To Convert Offices To Warehouse Space After $6M Purchase

By Cece Nunn, posted May 27, 2022
An industrial real estate investment and development firm plans to convert some offices back into warehouse space after purchasing a 100,000-square-foot warehouse on 23rd Street in Wilmington.

Edgewater Ventures bought 1519 23rd St., near the Wilmington International Airport, for a little over $6 million from Southside Holdings LLC, according to New Hanover County property tax records.

About half of the building is leased by Alcami, a pharmaceutical and biotech contract development and manufacturing organization based in Wilmington. The structure is not Alcami's headquarters, which are located nearby off 23rd Street at 2320 Scientific Park Drive.

The rest of the building is home to smaller office tenants with short-term leases, according to Chris Norvell of Edgewater Ventures.

"Our intention is to actually convert that 50,000-square-feet back to more of a warehouse use to lease to a larger warehouse tenant," Norvell said this week.

He added, "I think the tightness in the industrial market enables us to execute a business plan like that."

A demanding industrial market in Wilmington has been keeping commercial real estate brokers and developers busy this year, including Edgewater Ventures, which has been growing its presence in the Cape Fear region.

In May, a Virginia-based investment firm announced its purchase of a local industrial facility, leased by Pacon Manufacturing for its headquarters, in a nearly $19 million deal Edgewater Ventures officials were also involved in.

Gladstone Commercial Corp. (NASDAQ: GOOD) bought the 345,584-square-foot industrial manufacturing and distribution warehouse, on nearly 60 acres at 100 Quality Drive in Navassa, for $18.8 million, according to a news release.

The seller was Quality Drive Partners Holdings LLC, including Edgewater Ventures officials.

Over the past three years, Edgewater has purchased and developed 1.3 million square feet of industrial facilities in the area.
Ico insights


Natalieenglish headshot

Becoming a Breakout City: Bring on the Remote Workers

Natalie English - Wilmington Chamber of Commerce

Protecting the American Dream

Ea Ruth - Cape Fear REALTORS®
Jeremytomlinson enfuse headshot

37% of Orgs Said They Were the Victim of Ransomware In 2021

Jeremy Tomlinson - Enfuse Technology Solutions

Trending News

Wilmington-based Firm Buys Carolina Beach Motel For $5M

Cece Nunn - Jun 24, 2022

Fit4Life Health Clubs To Open Two Gyms As Upgrades Continue

Johanna Cano - Jun 24, 2022

In The Current Issue

Developers Share Project Indigo Update

For Project Indigo, developers have been gathering input from the city of Southport as city officials head toward considering measures that...

'Sauce Boss' Built Business From Scratch

It was the summer of 1989, and Sean O’Rourke had concocted his first iteration of what would eventually become the Surfer Slappin! barbecue...

Safety On The Cellular Level

The origin of Cygnus Technologies, a company that provides analytical products to the pharmaceutical and biotechnology industry, can be trac...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



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