WILMINGTON — A small warehouse near the Port of Wilmington was recently sold to a New York investment firm for $4.5 million.
Catalyst Investment Partners bought the warehouse at 350 Pigeon Point Road on May 6. The warehouse is 11,409 square feet and sits among a collection of warehouses on roads just a short drive from the gateway to the Port of Wilmington.
In acquiring the warehouse, Catalyst Investment Partners has added another warehouse to its extensive network of industrial outdoor storage. The firm is investing out of a private equity fund to buy more than $500 million assets on behalf of its investors.
Right now, the firm has more than 50 properties on the East Coast.
Scores of warehouses line the roads a short drive from the port, with many owned by Intercontinental Service. That company owns around 365,000 square feet of warehouse space that has access to the Norfolk Southern railroad.
The Port of Wilmington is set to see major redevelopment, as Gov. John Carney and state officials have committed $215 million in the first phase of a public-private partnership with port operator Enstructure. Officials said its the first step in a long project to bring more capacity to the port as well as move the redevelopment of the Edgemoor port forward.
