Real Estate - Commercial Wilmington Trade Center Secures Two New Leases
By Emma Dill, posted Sep 17, 2024
Two companies recently signed new leases for space in Wilmington Trade Center's Building 2. The industrial park along U.S. 421 is expected to keep growing in the coming months. (Courtesy of Edgewater Ventures)
Following two recent leases, another building in the Wilmington Trade Center, a growing industrial park along U.S. 421, is at full occupancy.
Trane U.S. Inc., a division of Trane Technologies, signed a new lease for 33,710 square feet in the industrial park’s Building 2, while Global Laser Enrichment (GLE) expanded its existing lease by 11,235 square feet, bringing its total occupancy to 67,250 square feet. Wilmington Trade Center developer Edgewater Ventures announced the recent leases in a news release on Tuesday.
The industrial park’s second building at 4110 U.S. 421 has 157,515 square feet and features tilt-up concrete construction with extensive glass lines, a 32-foot clear height, an Early Suppression Fast Response (ESFR) sprinkler system and a 180-foot-deep truck court, according to the release.
New Hanover County leaders approved $3.3 million in incentives earlier this year to help fund the expansion of the master-planned industrial park. Once complete, the park will have 13 buildings, ranging from 84,000 to 1 million square feet and encompassing a combined area of more than 3.2 million square feet. The proposed structures will be shell buildings that can be leased or sold to business users.
Trane Technologies is an international company specializing in heating, ventilation, air conditioning and refrigeration systems. The company’s North American headquarters are located in Davidson, North Carolina, while its global headquarters are in Swords, Ireland, according to the company’s website.
GLE, a laser uranium enrichment technology business, previously leased just over 56,000 square feet of space in Building 2 before leasing more space. In the coming months, McKinley Building Corporation will work with both tenants to construct use-specific upfits and other improvements inside the facility, according to the release.
Jeff Stephens and Jackson Rives of Raleigh’s Foundry Commercial represented Trane in lease negotiations, while Lannin Braddock of The Braddock Group in Wilmington represented GLE. Brokers Cody Cress and Tyler Pegg of Coldwell Banker Commercial Sun Coast Partners’ represented Edgewater Ventures in both transactions.
“We’re excited to keep our momentum going at Wilmington Trade Center with a great company like Trane and the expansion of GLE,” Chris Norvell, industrial partner with Edgewater Ventures, stated in the release. “With Building 3 delivering in March, we plan to keep things rolling along and will plan to break ground on Building 4 as soon as we’ve reached approximately 50% occupancy at Building 3.”
Edgewater Ventures broke ground on the industrial park’s first building in 2021 and Building 2 the following year. Work on the third approximately 100,000-square-foot building kicked off this summer while developers began the review and permitting process for Buildings 4 and 7 – both around 152,880 square feet.
In addition to Trane U.S. Inc. and GLE, tenants in Buildings 1 and 2 include PaperFoam with a 101,438-square-foot lease, Coastal Carrier Moving & Storage Company with a 56,283-square-foot lease and New Hanover County Emergency Management Services with a 56,285-square-foot lease, the release stated.
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