Improving Business in the Wilmington Region
Edgewater Ventures Acquires 240,000-Sq. Ft. Distribution Facility
Edgewater Ventures, a commercial real estate investment firm, announced in April its acquisition of a 240,000-sq.-ft. distribution facility on Landmark Drive in Wilmington. It’s the Raleigh-based company fourth industrial real estate acquisition in the Wilmington region in three years.
“We’re pleased to add the 421 Landmark Drive building to our growing industrial portfolio in Wilmington,” says Chris Norvell, Partner at Edgewater Ventures. “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,” he says.
The building, which is fully leased to two tenants, features some of the highest leasable clear ceiling heights in the region, ranging from 29-feet to 38feet. It also features a 100 percent wet sprinkler system, LED lighting, dock-high and drive-in loading, and a fully secured truck court with extensive parking and loading areas.
Edgewater’s first acquisition in the region occurred with the 2017 purchase of a 51,000-sq.-ft. property at 4151 Emerson Street. In 2019, Edgewater acquired a 505,000-sq.-ft. multi-tenant distribution center in Leland and a 336,000-sq.-ft. manufacturing facility in Navassa that formerly housed Brunswick Boats. That property has since become home to Pacon Manufacturing. The company’s Wilmington industrial portfolio now totals about 1,132,000 sq-ft.
“Given the current atmosphere, a commercial real estate transaction of this magnitude 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.”
Edgewater Ventures was represented in the building purchase by The Cress Group of Coldwell Banker Commercial Sun Coast. The two entities will partner with Wilmington Business Development to market future available space at the location. “Edgewater Ventures interacts with economic development organizations across the Carolinas and have found best-in-class customer service from WBD,” says Edgewater’s Chris Norvell. “As we’ve built out our portfolio of properties in the Greater Wilmington area, the WBD staff has been very proactive in helping us understand the dynamics of the market and identifying opportunities.”