A 116,000-square-foot industrial building in Wilmington recently changed hands for nearly $8 million.

Arkansas-based real estate investment firm Tempus Realty Partners announced the sale of 150 Division Drive to two California limited partnerships in a news release on Wednesday. The building remains fully leased to door frame manufacturer Custom Metal Products.

“We are excited to announce the sale of our Wilmington property for $7.97 million, which represents an outstanding result for our investors,” wrote Tempus Realty Partners CEO Dan Andrews in the release.

A deed for the sale, recorded July 29, lists the buyers as California limited partnerships Fainbarg III and Banyan Tree Joint Ventures.
 
According to the California Secretary of State database, Fainbarg III is registered to Irving Chase, who has an address in Costa Mesa, California, while Banyan Tree Joint Ventures is registered to James Pickett, who has an address in Santa Monica, California.

According to property records, Tempus acquired the property in November 2021 for $7.2 million. During its ownership, the property’s investment return exceeded underwriting projections, the Tempus release stated.

Tempus officials said the transaction marks the first sale from Tempus Portfolio 3, which includes other industrial properties in St. Joseph, Missouri, and Denver, Colorado.

The release stated that Tempus focuses on acquiring and developing commercial real estate, primarily in the South and Midwest. Since forming in 2016, the partnership has acquired more than $1 billion of property in 25 states.