Firm Buys Property Leased To Pacon Manufacturing
May 18, 2022
// WilmingtonBiz
WILMINGTON– A Virginia-based firm has invested in a local facility leased by Pacon Manufacturing for its headquarters.
Gladstone Commercial Corp. (NASDAQ: GOOD) bought the 345,584-square-foot industrial manufacturing and distribution warehouse, located on nearly 60 acres at 100 Quality Drive in Navassa, for $18.8 million, according to a news release.
The property is 100% leased to Pacon with about 13 years remaining on the lease, the release stated.
Pacon, founded in 1949 and previously based in New Jersey, is a contract manufacturer of household and medical cleaning supplies, including wipes, towels, surgical drapes and other products for a variety of consumer goods companies.
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Tim Skender, principal at Edgewater, said the acquisition was a good opportunity in a submarket that is thriving. "We’re big believers in lifestyle office or neighborhood office," he said. "1800 Central is well-located, in a dynamic, growing (submarket) where the neighborhood is the amenity for the people who office there. There’s a lot of momentum in Plaza, broadly speaking."
Following two recent leases, another building in the Wilmington Trade Center, a growing industrial park along U.S. 421, is at full occupancy.
Edgewater Ventures is pleased to announce the addition of Joey Surles, to the Edgewater Industrial team as their Senior Property Accountant.
