APG Capital has closed on the sale of a 93,508 square foot industrial building at 3881 US Hwy 421 North in Wilmington. The single-tenant building has been home to Ferguson Enterprises since 2009, who recently signed a lease extension until 2033.
The sale also included 3901 US Hwy 421 North, a 4.99-acre lot with the potential for development of a 30,000 square foot building. Both parcels combined for over 14 acres, included a 2.25 acre lay yard.
An APG entity originally acquired the property in 2013 for $5.6M and has conducted over $2.7 million worth of building renovations. The property sold in April for $11.9 million to Robeson Street Properties LLC of Fayetteville, NC. Coastal Legacy Real Estate represented the buyer.
“The disposition was a strategic move specific to the APG Investment Portfolio, where proceeds will be used for new projects in the APG pipeline. We believe the property was sold to a great owner who will continue to be a great steward of the property,” APG’s VP of Acquisitions, Daniel Walser explained.
APG would like to thank David Divine and Daniel Walser, who provided seller representation. APG would also like to give special thanks to Don Hyneman for overseeing a 25,000 square foot expansion of the building in 2023.
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