Leland warehouse sells for nearly $10M; Developers’ interest in region grows

LELAND, NC (WWAY) – A group of investors have bought a huge warehouse and distribution complex in Leland.

Hansen Matthews is the former owner; he said the area is booming.

“The interest we are seeing in this warehouse reflects demand and there’s virtually no space available in the three county area for companies who want to come in here and operate,” he said.

Brunswick Industrial Warehouse, LLC sold the 320,000 square-foot warehouse and distribution complex for nearly $9.9 million, according to Phillips.

“Our area is very fortunate now because for the first time there are several developers who are stepping in to do what in a larger city, the reach and the major players would do,” said Phillips.

Which is what Leland Industrial Complex LLC has done, buy property to use and to invest in.

Jeremy Phillips of Phillips of Environments Unlimited, Inc. represented the buyers in the multi-million dollar purchase.

“The same group, they own a company up in New York where they import bathroom fixtures,” he said. “They opened up a location here in Wilmington a number of years ago.”

That location was the Cape Fear Industrial Complex, which they purchased two years ago at the price of $8 million.

“They were interested in owning other industrial property in this market and they liked the building so they made an offer on it,” said Phillips.

That property is already 100% occupied, according to Phillips; the new property owner bought the complex as an investment.

According to Matthews half the property is already developed, with endless possibilities for the undeveloped half.

“They seem to have a vision, a vision for this property and a vision for what can be done on the underdeveloped acreage here,” he said. “That’s close to 100-acres, so, there is a lot that they can do to respond to the demand and help our area grow.

The complex was built in the 1970s to store and distribute products manufactured at the local DuPont Plant.