Coastal Millwork Supply Co. and its sister company, Risley Padula Construction Inc., on Thursday completed their purchase of 5.5 acres in New Hanover County's Blue Clay Business Park.
The companies supply and install interior doors, trim, stair parts and cabinets to residential builders in the Wilmington area and other markets. According to a news release, the move will give the companies additional capacity to meet growing demand.
“We’ve been part of the community since my brother Steve and partner Bob Padula founded the company 25 years ago and have outgrown our current space,” said owner and founder Jim Risley in a release issued by Wilmington Business Development.
Company officials plan to build 62,000 square feet of manufacturing and office space in the new location, which "has ample surrounding space to accommodate future growth," the release stated.
County officials announced in April that the firms would be paying $233,750 for the property with plans to invest $7.5 million in the new facility. Will Leonard of Cape Fear Commercial represented the buyers in the purchase.
According to the release, Coastal and Risley Padula employ a workforce of about 50, and they intend to grow that number to as many as 75 once their new location is operational, possibly at the end of 2024.
The firms are expected to vacate their current location off South 13th Street near Greenfield Lake in Wilmington, according to the release.
While the firms supply builders as far away as the Triangle and Myrtle Beach, most of their work is in Brunswick, New Hanover and Pender counties, the release stated.
Thursday's transaction marks the second purchase this year in the 120-acre Blue Clay Business Park. In September, Francini Inc., an importer and distributor of natural and engineered stone products, closed on 6 acres that will hold a $10 million warehouse and customer showroom.
County officials and WBD are working with McKim & Creed on plans to install the park’s utility infrastructure.
Scott Satterfield, CEO of Wilmington Business Development, said in the release, “Key to our growing and retaining top notch businesses like these is having ready-to-go properties that can accommodate the next phase of their growth."
According to the release, Coastal Millwork and Risley Padula are partnering with Hipp Architecture, Paramounte Engineering and McKinley Building on their project.
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