A Wilmington industrial building recently changed hands for more than $3 million.

Grant Property Management Services LLC bought 3212 Pennington Drive, which holds a 20,140-square-foot facility previously occupied by HVAC company Trane, in North Kerr Industrial Park. The seller was Dansura LLC, and the property sold for $3.05 million on March 11.

“This transaction exemplifies the strength of the market and specifically the demand for industrial space," stated Julia Eckel of Wilmington-based Cape Fear Commercial in a CFC news release.

Grant Property Management Services LLC is managed by Lee Grant, owner of Coastal Chemical & Paper Inc.

Eckel, along with Lizzie Hawkins and Lee Singleton of Cape Fear Commercial, represented the seller in the transaction, while Lynn Harris with Berkshire Hathaway HomeServices Carolina Premier Properties, represented Grant. 

“We initially marketed this building for lease only, and the fact that a 19-year-old industrial property sold for over $150 per square foot underscores the significant supply-demand imbalance in our area — favoring industrial sellers," Eckel stated in the release.