Investors who have been buying and developing millions of square feet of industrial real estate in the Cape Fear region bought a distribution center Tuesday near Wilmington International Airport.
Edgewater Ventures purchased the 210,000-square-foot facility at 802 N. 23rd St. from Buena Vista Sun LLC for more than $9.4 million, according to the deed. The center is fully leased by existing tenants MCO Transport Inc. and Atlantic Packaging.
Buena Vista Sun LLC is managed by former state legislator Daniel “Danny” McComas of MCO Transport, according to state records.
Chris Norvell, lead industrial partner at Edgewater Ventures, said a big part of what attracted his firm to the purchase is its location – less than a mile from the entrance to Wilmington International Airport.
He said the property is suited for those who need access to the airport and meets infill, last-mile distribution needs throughout the market. Will Leonard of Wilmington-based commercial real estate firm Cape Fear Commercial represented Edgewater in the acquisition.
The purchase brings Edgewater’s portfolio of industrial facilities in the Wilmington region to about 1.3 million square feet, Norvell said.
“Of the existing product that’s out there, we’ve acquired the properties we liked and felt were good pieces of industrial real estate to own,” he said Tuesday.
In the case of its $6 million purchase earlier this year of the industrial property at 1519 N. 23rd St., Edgewater plans to convert some of the facility’s space back to a warehouse use.
Edgewater recently completed the development of Building 1 at Wilmington Trade Center, a Class A industrial facility that is now 100% leased. Edgewater is planning two more buildings at the Wilmington Trade Center that will total about 270,000 square feet and is also in the planning phase for three Class A buildings at the Wilmington International Airport that will total over 600,000 square feet, according to a news release.
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