A 145,000-square-foot industrial building in Pender Commerce Park recently changed hands for $23.5 million.

The Class-A warehouse facility at 310 N. Corporate Drive is fully leased, with tenants including Home Depot, Lansing Building Products and One Banana North America. Developed by Winston-Salem-based Ramm Capital Partners LLC, the industrial building was completed in 2023.

A deed recorded on Monday shows MT96 Crosspoint LLC, an entity managed by Henry "Hank" Miller III, purchased the building from Pender Commerce Partners II LLC in a $23.5 million transaction. MT96 Crosspoint LLC was also one of the sellers of an industrial property in Benson that recently fetched $28 million.

"We sold an investment property and replaced it with a new one, basically," Miller, who is also a senior vice president with Cape Fear Commercial (CFC), said Thursday. "I knew the developer Chris Ramm and the builder, Landmark, and they have impeccable reputations. I like the construction type, tenant mix and the location."

In a news release announcing the sale, brokers with CFC said the sale reflects broader interest in the U.S. 421 corridor. Paul Loukas, a partner and broker-in-charge with CFC, and Will Leonard, a senior vice president with CFC, represented the building’s seller in the transaction.

“This was a highly competitive sales process, with prospective buyers drawn to the asset's attractive tenant mix and its prime location,” Loukas said in the release. “Highway 421 has become the region’s top logistics corridor, and Pender Commerce Park has proven to be very attractive for users.”

Leonard highlighted the recent “explosive” growth within the U.S. 421 submarket.

“With the completion of the I-140 bypass coupled with Wilmington Business Development’s efforts, we anticipate more exciting projects to be attracted to the corridor in the future,” Leonard stated in the release.

The corridor has seen major investments in recent months, including an Amazon robotics fulfillment center that’s under construction on the New Hanover-Pender county line and the ongoing development of the Wilmington Trade Center, a nearby master-planned industrial park.