Firm Buys 187 Acres To Expand Industrial Development
// WILMINGTON BUSINESS JOURNAL
Developers bought 187 acres on U.S. 421 in Wilmington on Wednesday for a major expansion of one of their existing industrial projects.
Edgewater Ventures purchased the property next to Wilmington Trade Center for $7.65 million from Invista.
"The acquisition will expand Wilmington Trade Center to 212 acres and is master planned to provide up to 3.3 million square feet of Class A industrial facilities," a news release stated. "The park will be one of the largest of its kind in the state of North Carolina and is designed to accommodate industrial users up to 1 million square feet."
At Wilmington Trade Center, Edgewater has already developed two buildings totaling 315,000 square feet on the original 25-acre parcel acquired in 2021, the release stated.
"These facilities are presently 85% leased to four tenants: PaperFoam, Coastal Carrier, GLE and New Hanover County Emergency Services," according to the release. "Edgewater plans to break ground on Building 3 in the first quarter of 2024 which will add another 100,000 square feet to the growing portfolio."
Edgewater's new facilities at the trade center are expected to have 40-foot clear heights and put Wilmington on par with other Southeast ports such as Savannah and Charleston in terms of the size and quality of facilities offered to port users, the release stated.
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