Crews have started building a second industrial facility at Wilmington Trade Center on U.S. 421 in New Hanover County, expecting to add supply to a busy real estate sector.
Edgewater Ventures, in partnership with Wilmington-based McKinley Building Corp., recently completed the first 157,610-square-foot building at the center and construction is underway on Building 2, a virtually identical structure, according to a news release Thursday.
Chris Norvell, of Edgewater Ventures, said the second building would help its developers "capitalize on the momentum in the park with our recent leases to PaperFoam and Coastal Carrier.”
Wilmington Trade Center Building 2 is Edgewater Ventures’ second ground-up development in the Wilmington area, the release stated.
"Building 2 is slated to deliver in Q2 2023 and will bring the total size of Wilmington Trade Center to 315,220 square feet," according to the release.
McKinley Building has developed and built 1 million square feet of industrial facilities along the U.S. 421 corridor, including eight buildings within I-140 Business Park, located just south of Wilmington Trade Center, the release stated.
The trade center's second building allows McKinley Building to "be part of bringing to New Hanover County another multi-facility complex that will continue to raise the bar for all southeastern North Carolina for supporting logistics and Port business,” said Ken Dull, president of McKinley Building, in the release.
The market's industrial momentum, particularly on U.S. 421, "is incredibly strong," said Scott Satterfield, CEO of economic development agency Wilmington Business Development, in the release. “We clearly recognize the significance of this financial investment and the recruitment tool that it will be for the Greater Wilmington region. Our currency is jobs, tax base and investment and this development provides us with a high-demand product.”