Continuing a trend of increased industrial activity
in the region, a New York-based real estate developer, owner and investor recently bought a two-building industrial portfolio in Wilmington.
According to a news release, Treeline acquired 3700 and 3720 U.S. 421 North from Burgess Corp., a construction and project management company, in an off-market transaction.
The properties include a 66,274-square-foot building that was recently renovated into class A industrial space at 3700 U.S. 421 North and a newly constructed 40,000-square-foot industrial property at 3720 U.S. 421 North, the release stated.
The buildings are fully leased to market rate tenants.
“Treeline has been looking to expand our investments to the Southeast and we are excited to close on this first acquisition in the region,” said Daniel Schor, chief business development officer at Treeline, in the release. “The explosive growth in the region has been particularly attractive to Treeline’s investors.”
Treeline currently has several more deals underway in North Carolina and is pursuing additional industrial and office investments in Raleigh, Charlotte and Wilmington, in addition to assets in South Carolina, the release stated.
“While we have been known predominantly for our investments in the Northeast, Treeline is extremely bullish on the Southeast markets due to the region’s explosive growth, access to ports critical to U.S. logistical infrastructure, the presence of a young, skilled labor force and ongoing population migration to the region,” Schor said in the release. “These factors have created opportunities that match well with our investment criteria.”
The Wilmington properties acquired by Treeline hold more than 106,000 square feet of modern warehouse, distribution and office space, including ample truck and car parking, six high door loading docks and three drive-in bays, the release stated.
"The property at 3700 US Highway 421 North is occupied by South-Tek Systems Inc.
, an industry leader in nitrogen generation technology, and the property at 3720 US Highway 421 North is occupied equally by Mid Atlantic Roofing Systems and Aprinnova Inc., a leader in sustainable manufacturing and specialty chemicals used in the creation of non-toxic cosmetics," according to the release.