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Friday, May 24, 2024

Edgewater acquires distribution facility near ILM

(Courtesy Edgewater Ventures)

WILMINGTON — Edgewater Ventures continues to invest in the Cape Fear region adding to its portfolio another industrial facility near the Wilmington International Airport. The space will be divided between two companies who already signed leases — MCO Transportation, Inc. and Atlantic Packaging.

“We view this facility as a strategic acquisition to serve tenants that require close proximity to the Wilmington International Airport as well as infill, last-mile distribution needs throughout the market,” Edgewater lead industrial partner Chris Norvell said in a press release.

The 210,000 square-foot building, located at 802 N. 23rd St., marks Edgewater’s sixth industrial real estate acquisition in the Wilmington region. It’s strategically positioned on roughly 13 acres with immediate access to martin Luther King Jr. Highway and less than 1 mile to ILM.

The structure is constructed with pre-cast concrete panels, dock-high and drive-in loading, direct rail accessibility and is equipped with a 100% wet sprinkler system. The site offers plenty of room for truck and trailer storage.

Adding this latest purchase brings Edgewater’s total Wilmington portfolio to approximately 1.3 million square feet. The real estate firm recently developed a building at Wilmington Trade Center, a Class A industrial facility, which is now 100% leased. It’s planning to construct two more buildings at the industrial site totaling 270,000 square feet.

Edgewater Ventures signed a long-term ground lease with ILM for 30 years in November, with plans to construct more than 600,000 square feet of industrial space. The three class-A facilities will be built on 30 acres of land at ILM’s business park and can serve multiple tenants ranging from e-commerce to air cargo freight companies or others that would benefit from the strategic location.

“Typically, the most highly sought-after industrial facilities tend to be in and around airports,” Norvell said in November. “Because a lot of companies are trying to locate near airports, people are coming in from airports, they want easy accessibility from airports, and this location, in particular …  [i]t’s easy to get to. We just think it’s a can’t-miss.”

Founded in 2020, Edgewater owns and operates a portfolio of 3.5-million square feet of properties throughout the Carolinas, with offices in Raleigh and Wilmington.

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