Ramm Capital Invests in Second Spec Building to Recruit More Industries to Pender
SOUTHEASTERN NC – Ramm Capital Partners, a real estate investment firm specializing in commercial and industrial sales, has found a growing niche in the Cape Fear area. Recently, it announced plans to construct a second industrial specification building at Pender Commerce Park.
The company came to market five years ago and invested $8 million in 2020 to open the first modern industrial speculative building the region has seen in over a decade. The 126,360 square foot facility is now fully leased to a mix of tenants – Atlantic Tire Distributors, Professional Builders Supply and SCP Distributors LLC.
Ramm Capital is looking to phase two, located directly next to its first structure. He bought the 39.5-acre land from Pender County last September, with commissioners approving the sale behind closed doors at the proposed price of $2.1million – $52,000 an acre.
The sale was completed in February and the land was cleared in April.
The company is planning a 144,900 square foot building, equipped with modern amenities, on 15 acres for phase two. Construction is expected to begin later this year and be completed in the summer of 2023.
As construction is considered “speculative,” Wilmington Business Development — the conduit for the county-owned industrial park and potential tenants and buyers — confirmed that the exact tenant mix is unknown at this time.
The building will accommodate one to three tenants; the “sweet spot” in the industrial market is about 50,000 square feet of space per company, according to Ramm.
Chris Ramm, CEO of Ramm Capital Partners and Taylor Development Group, said he had “good preliminary conversations” with interested parties and was cautiously optimistic.
“For several years, we have been working on a product development initiative to more effectively recruit businesses and support existing industries in southeastern North Carolina,” said WBD CEO Scott Satterfield.
WBD is a non-profit organization focused on economic development in New Hanover and Pender counties. Staff work to build relationships to create jobs in the area.
He added that Ramm’s investments help diversify the region’s economy.
“It’s a little nerve-wracking with the current state of the economy,” Ramm said, “But there’s still good avenue for growth in the industrial sector.”
Ramm explained that Pender Commerce Park was “prepared for success” from its inception and was drawn to the land for its infrastructure, soil content conditions and growth potential.
He said site contractor Thomas Corder agreed that Pender Commerce Park was one of the only places equipped to allow work to continue after Hurricane Florence.
“It gave me a lot of confidence in the park and that was important to me,” Ramm said.
Satterfield confirmed that Ramm is not alone in developing the industrial sector locally, as many companies that have constructed buildings to similar specifications are already constructing second and third ones as well. WBD could not release specific names at this time.
“We view each as a partner and will continue to work closely with them, as industry-ready Class A products of this scale are the currency of today’s economic development recruiting efforts,” did he declare.
Pender Commerce Park, located along US Highway 421, attracts businesses as an industrial destination for its 3-mile proximity to I-140 and driving distance to the Port of Wilmington, according to WBD. The 450-acre park welcomed its first tenant, Acme Smoked Fish, in 2013. It is also home to Empire Distributors, FedEx Freight, Coastal Beverage, Pender Commerce Partners and India’s Polyhose Inc.
Also under construction in the business park is a $40 million, 300,000 square foot cold storage space for RL Cold, a division of Atlanta-based RealtyLink. The structure is being built on 28 acres behind Ramm’s planned new facility.
Amazon announced in March that it was also planning a 40-acre fulfillment center at the site. The facility will bring over 100 full-time jobs and hundreds of driver opportunities. The 142 square foot space will serve as a delivery station.
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