Print
Real Estate - Commercial

Wilmington Distribution Center Sells In Multi-million Dollar Deal

By Cece Nunn, posted Jun 14, 2022
Edgewater Ventures purchased the property at 802 N. 23rd this week. (Photo courtesy of Chris Norvell)

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.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Mcwhorter 0005

UNCW Research Innovation and Technology Portfolio

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Chris coudriet

Lower Taxes, Expanded Service – A Budget Committed to Helping New Hanover County Move Forward

Chris Coudriet - New Hanover County Government
Drewsmith copiersplus headshot

A Little More Communication, A Lot More Cohesion

Drew Smith - Copiers Plus

Trending News

Total Wine & More Comes To Wilmington, Official Grand Opening Thursday

Johanna F. Still - Jun 27, 2022

McKinley Building Announces Leadership Changes

Staff Reports - Jun 28, 2022

Terry Named CFCC's Vice President Of Student Services

Staff Reports - Jun 28, 2022

Bald Head Island Lands New Vivian Howard Meal-stocked Refrigerator

Jenny Callison - Jun 29, 2022

With First Building Fully Leased, Second Phase Of Industrial Project Commences

Staff Reports - Jun 28, 2022

In The Current Issue

Stepping Up Burgaw's Parks And Rec

The town of Burgaw's parks, recreation and tourism department recently completed several projects and is involved in several more aimed to e...


MedNorth, Novant Expanding Services To Underserved Communities

Novant Health and MedNorth Health Center are advancing plans to expand the services they provide to individuals and families in some of Wilm...


Bank Embraces ESG Principles

A growing number of institutional investors have steered their money toward companies that are environmentally and societally responsible an...

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!


Galleries

Videos

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