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Edgewater Ventures Lands Wilmington, NC Industrial Asset
Raleigh, NC-based Edgewater Ventures acquired a 240,000-square foot multi-tenant property located at 421 Landmark Dr. Wilmington, NC for $9.2 million. Prior to this acquisition, Edgewater Ventures owned three industrial buildings totaling nearly 900,000 square feet in the New Hanover and Brunswick County area.
Edgewater Ventures’ Chris Norvell says, “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.”
The Cress Group of Coldwell Banker Commercial Sun Coast Partners’ Cody Cress, Tyler Pegg and Will Daube represented the buyer.
Cress adds, “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. The demand for industrial real estate is particularly attractive in an increasingly supply chain and distribution driven marketplace.”
For comments, questions or concerns, please contact Dennis Kaiser
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