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MegaCorp Logistics Purchases Ashes Drive Office Buildings

MegaCorp Logistics Purchases Ashes Drive Office Buildings

On April 30, 2018, Cece Nunn from the Greater Wilmington Business Journal reported on the recent purchase of two class-A office buildings on Ashes Drive in the Landfall/Mayfaire submarket of Wilmington. According to the article, MegaCorp Logistics company purchased 1011 and 1013 Ashes Drive from Ashes Drive LLC for $7.4 million. Nunn reports:

“In the transaction, the logistics company acquired 1011 and 1013 Ashes Drive, consisting of 30,595 and 16,800 square feet respectively, from Ashes Drive LLC, according to a news release from Wilmington-based commercial real estate firm Cape Fear Commercial. MegaCorp officials plan to renovate and occupy 1011 Ashes Drive while continuing to lease all space at 1013 Ashes Drive out to other organizations until such time that it requires additional square footage, the release stated.

Senior Vice President Spruill Thompson of Cape Fear Commercial negotiated the transaction on behalf of the buyer, while Coldwell Banker Commercial SunCoast brokers Cody Cress and Tyler Pegg of The CRESS Group represented the seller.

“We think it’s a great fit for them and it was perfect timing for us” and the company, Cress said, because there’s limited inventory of office space of that size in the Landfall/Mayfaire submarket.

The CFC release said the firms worked closely with the seller’s in-house consultant, Gavin Howe, and Faison Sutton of Murchison Taylor & Gibson PLLC to complete the transaction.”

Cody Cress and Tyler Pegg of The CRESS Group represented the seller in this transaction. For more information, please read the full article on WilmingtonBiz.com by clicking here. You can also read the The CRESS Group’s Case Study report for more information on this transaction.

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