240,000sf Industrial Building Purchased!
Edgewater Ventures makes another large investment in Wilmington, NC’s industrial market
Edgewater Ventures, a commercial real estate investment and development firm, has once again reaffirmed southeast North Carolina as a strong industrial real estate market in which to invest, despite global market contractions caused by Covid-19. The 240,000sf multi-tenant property located at 421 Landmark Drive, Wilmington, NC was purchased on April 10, 2020.
Edgewater Ventures is focused on the acquisition and development of industrial, office, multi-family and mixed-use assets across the Carolinas. Prior to this acquisition, they own three industrial buildings totaling almost 900,000sf in the New Hanover and Brunswick County area. One of which is now home to Pacon Manufacturing, a company whose product (sanitation & disinfectant wipes) is playing a crucial role globally in preventing the spread of Covid-19.
“A commercial real estate transaction of this magnitude, given current dynamics, is an incredibly positive sign,” said Scott Satterfield, CEO of Wilmington Business Development. “We are excited to partner with Edgewater Ventures and The CRESS Group as we collectively work to attract another best-in-class industrial user and significant employer to this fantastic location.”
Many investors are finding this an uncertain time to invest because of Covid-19. Cody Cress had this to say about the strength of Wilmington’s industrial market, “demand for industrial space in Wilmington is high and inventory is extremely limited. These critical factors are driving rental rates higher which proves the economics for investors to purchase and for developers to construct more industrial buildings. Also, in this new era of Covid-19 many tenants in industrial buildings are deemed essential, further strengthening this commercial real estate sector”
Chris Norvell, a Partner at Edgewater Ventures, comments, “We’re pleased to add the 421 Landmark Drive building to our growing industrial portfolio in Wilmington. We’re bullish about the long-term growth of the Wilmington market and view this facility as a strategic acquisition to serve tenants that require close proximity to the Port of Wilmington as well as infill, last-mile distribution needs throughout the market.”
Edgewater Ventures was represented by Cody Cress, Tyler Pegg, and Will Daube with The CRESS Group of Sun Coast Partners Commercial.