Real Estate - Commercial

Update: Industrial Park Project Picks Up Speed With New Tenant, Contractor

By Cece Nunn, posted Jul 29, 2022
Real estate development and investment firm Treeline is working on creating a modern industrial park on U.S. 421 in New Hanover County. (File rendering)

A New York-based real estate firm is making progress toward creating a modern industrial park on U.S. 421 after buying an 80-acre site last month.

Officials with Treeline, which develops and invests in office, multifamily and industrial properties, said in a news release this week that they have signed on their first tenant in Treeline Industrial Park, 2830 U.S. 421 North in New Hanover County. They have also chosen a general contractor for the $18 million project.

Treeline's plans include rehabilitation of the site’s existing 115,000-square-foot industrial facility, the release stated. 

According to the release, a national distributor leased 36,000 square feet within the existing building, to be used for distribution within the region. Treeline officials would not disclose the name of the tenant.

“The explosion of the Wilmington market has driven local, regional and national companies to establish a hub presence in Wilmington,” said Daniel Schor, chief business development officer at Treeline, in the release. 

Despite recent economic news and hints of a possible recession, Schor said he remains optimistic about the industrial market's future here.

"Our investment corridors in the Southeast – in both Wilmington and elsewhere in the Carolinas – continue to experience a high level of demand from tenants for new Class A facilities," Schor said in an email Thursday in response to a question about the state of the economy. "While we continue to monitor the current economic climate, the outlook in these markets is stable and we see signs of continued growth in the immediate moment."

Schor said Treeline is seeing "tremendous interest" from prospective tenants, including inquiries for built-to-suit options at the park, the release stated. A different tenant occupies 44,000 square feet of the park's existing facility, leaving about 35,000 square feet available for lease. 

Steve Hall, a partner in Wilmington-based Maus, Warwick, Matthews & Co., represented Treeline in the recent lease. The asking rent was $8.60 per square foot, triple net, according to the release. 

Treeline chose Wilmington-based Burgess Corp. as the general contractor for the industrial park. 

Vince Burgess, president at Burgess Corp., said in the release, “Drawing on the wisdom and experience from more than 40 years of leading commercial and industrial projects throughout the United States, we are excited to bring this new, much-needed asset to the Wilmington region.” 

Ico insights


Cfss headshots parker robert webversion 21422121214

Can an HOA Deny Solar Panels?

Robert Parker - Cape Fear Solar Systems
Mikeharrington carolinaretreats 2

Fall Vacation Rentals and Rising Cost of Real Estate

Mike Harrington - Carolina Retreats
Burrus rob headshot 300x300

Keep on the Lookout: Cameron School of Business Star Graduates Enter the Workforce

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Murchison Building Downtown Sold For $8.25M

Johanna F. Still - Aug 12, 2022

With Home Sales Down In July, Realtors Struggle To Choose 'sweet Spot' Prices

Cece Nunn - Aug 12, 2022

Local Film Projects Building Sizeable Spend; New TV Series Announced For September

Jenny Callison - Aug 12, 2022

In The Current Issue

Film Focus: Printing The Scene

Port City Signs & Graphics "does everything for their set in the way of decals, magnets, backdrop items, canvas art, vehicle graphics and se...

Borrowers Seek Adjustable-rate Perks

During recent years when interest rates were at rock-bottom levels, borrowers have kept adjustable-rate mortgages at arm’s length. But now,...

Stacking The (parking) Deck

The amount and cost of parking in urban settings is a ubiquitous topic, particularly in growing cities like Wilmington, where not everyone a...

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