A new industrial park is under construction in New Hanover County.
Edgewater Ventures, in partnership with McKinley Building Corp., announced Tuesday the development of Wilmington Trade Center, a three-building Class A industrial project near the interchange of Interstate 140. Upon completion, the center will include 425,000 square feet.
Edgewater Ventures, which has offices in Wilmington and Raleigh, is a commercial real estate investment firm focused on buying and developing industrial, office, multifamily and mixed-use assets across the Carolinas.
Potential tenants have already expressed interest in the project.
“The activity levels are exceeding expectations in terms of the number of proposals that we have in play,” said Chris Norvell of Edgewater Ventures.
Wilmington Trade Center is Edgewater Ventures’ first ground-up development in the Wilmington market and will add to the company’s industrial portfolio in the area, which currently totals more than 1.1 million square feet, according to a news release.
“We’re bullish about the long-term growth of the region and view this development as extremely well-positioned to serve companies looking for a best-in-class facility in a highly accessible location,” Norvell said.
The speculative space will help fill a need, he said.
"This will really help the market mature overall from an industrial perspective," Norvell said. "This is the type of facility that larger corporations are leasing in other markets.'
Local commercial real estate brokers and economic development officials have also said the area could benefit from additional industrial inventory.
“Industrial momentum in this market, and on this corridor in particular, is incredibly strong,” said Scott Satterfield, CEO of Wilmington Business Development, in the Edgewater Ventures release. “We clearly recognize the significance of this financial investment and the recruitment tool that it will be for the Greater Wilmington region. Our currency is jobs, tax base and investment, and this development provides us with a high-demand product.”
Crews are currently working on Building 1 in the park, a 157,610-square-foot facility that will feature tilt-up concrete and other features companies are looking for. It's expected to be complete in early September, the release stated. The facility can accommodate tenants ranging in size from 22,000 square feet to the whole building.
Wilmington-based McKinley Building Corp. has constructed and developed over 414,000 square feet of industrial facilities along the U.S. 421 corridor, including seven buildings within I-140 Business Park, just south of Wilmington Trade Center.
“I am excited to be part of bringing to New Hanover County a multi-facility complex that will raise the bar for all southeastern North Carolina for supporting logistics and port business,” said Ken Dull, president of McKinley Building Corp., in the release. “Our region will be a player in the surging e-commerce and distribution market, and this facility will enable businesses to find their success here in our great region.”
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