On 23rd Street in Wilmington, a development firm's office-to-warehouse conversion project is now complete and filled with tenants.
Edgewater Ventures recently executed leases at 1519 N. 23rd Street totaling 57,940 square feet to bring the 110,134 square foot building to 100% occupancy, according to a news release.
Marmolite Marble & Granite leased 28,390 square feet and Alcami Corp., a Wilmington-based drug development and manufacturing company, expanded within the building by 29,550 square feet, the release stated.
Edgewater Ventures bought the property in May 2022 for $6 million. In addition to converting 57,940 square feet from office space to warehouse space, the company also painted the facility, made repairs to the parking areas and rebranded the property as Venture 23, according to the release.
“The building was already 100% occupied when we purchased it, but the 57,940 square feet was a mess with 20 tenants crammed into Class C office space,” said Chris Norvell, the lead industrial partner for Edgewater Ventures, in the release. “We saw an opportunity to simplify the building by taking it back to warehouse space. It’s an excellent location that we believed tenants would find desirable and we’re excited that our theory has played out well.”
Edgewater Ventures owns and operates 4.5 million square feet of industrial properties across the Carolinas, with over 1.4 million square feet in the Wilmington area.
The firm also recently announced
the acquisition of 187 acres on U.S. 421 that is expected to expand its Wilmington Trade Center development to 3.3 million square feet.