Cape Fear Commercial Brokers $23.5M Sale of Flagship Industrial Warehouse in Wilmington

Wilmington, NC — A major transaction recently closed in Pender Commerce Park: a 145,000 square-foot Class A industrial warehouse traded for $23.5 million, marking one of the largest industrial sales to date in the region. The fully leased asset sits along the highly trafficked US‑421 corridor and features national-grade tenants including large home improvement suppliers and distribution operators.

The building, completed in 2023, was developed by a well-known regional firm and quickly attracted national tenants such as anchor hardware and logistics providers. Investors were drawn to its modern design, long-term leases, and strategic positioning within one of coastal North Carolina’s fastest-growing commercial corridors.

Key Facts About the Sale

• Location: Pender Commerce Park, near New Hanover–Pender County border along US‑421, a major logistics artery.
• Size and Structure: Approximately 145,000 sq ft of multi-tenant warehouse space, built to contemporary Class A standards.
• Occupancy: Fully leased from day one to credit-rated companies, offering predictable cash flow and minimal vacancy risk.
• Sale Price: $23.5 million translates to roughly $162 per square foot—demonstrating premium valuation for industrial assets in the area.

Indications About the Local Industrial Market

This sale reinforces several trends reshaping Wilmington’s commercial real estate landscape:

• Rising Institutional Demand: Buyer interest came from investment groups familiar with coastal industrial returns. The asset's secure leases and logistics alignment fostered strong competition.
• Tight Supply and High Barriers: Modern, spec-built industrial buildings are scarce regionally. Properties that meet national tenant standards are commanding above-market pricing.
• Infrastructure Enhancements: New highways and bypass completion (like the I-140) have increased the appeal and access of US‑421, reinforcing Pender Commerce Park as a top tier logistics zone.

Why It Matters for Stakeholders

• For industrial investors: This sale provides a benchmark for cap rates and price per square foot in a tight market, signaling that well-positioned assets can command favorable returns.
• For local landlords and developers: The success of spec development here validates expanded construction pipelines and reinforces demand-driven site planning.
• For portfolio allocators: As supply tightens and development slows, regional coastal markets like Wilmington may offer durable income streams through infill logistics assets.

What’s Next

Expect continued interest in new or underutilized industrial sites along the 421 corridor, especially near the port and transportation hubs. As infrastructure improves and enterprises demand modern space, value-rich opportunities may still exist in adjacent commerce parks and flexible warehouse platforms.