LI firm embarks on $18M industrial project in North Carolina | Long Island Business News

Backyard Metropolis-based Treeline has acquired an 80-acre web site in North Carolina the place it plans to develop an industrial park. 

The corporate bought the location in Wilmington, N.C. from OmniSource LLC for $4.75 million and plans to take a position at the very least $18 million to rehab an present 115,000-square-foot constructing and create a brand new industrial park. 

The Wilmington acquisition is Treeline’s second funding within the space, following its $9 million buy of a two-building industrial portfolio from Burgess Corp. final 12 months. That portfolio consists of a 66,274-square-foot, lately renovated industrial constructing and a newly constructed 40,000-square-foot industrial constructing, that are each totally leased. 

The most recent acquisition alongside Wilmington’s industrial hall is served by rail and borders the Cape Concern River, with deep water entry. 

“The positioning was engaging due to its inherent growth potential and the power to develop a big industrial park with excellent freeway, rail, and water entry within the coronary heart of one among North Carolina’s booming markets,” Daniel Schor, chief enterprise growth officer at Treeline, mentioned in an organization assertion. “We proceed to work aggressively to broaden our investments within the Southeast and this deal represents one other step in that growth path. We’re enthusiastic about this new acquisition, because the second of what we anticipate to be many acquisitions within the area.” 

Based in 1985, Treeline at present owns and manages greater than 6 million sq. ft of actual property property.