When a mechanical parts manufacturer signed on the dotted line for space at the International Commerce Center, in Wilmington, North Carolina, local brokers knew it was a significant deal, and selected it for a 2023 CoStar Impact Award.
Precision Swiss Products in March 2022 leased 50,220 square feet at the industrial building near Leland, North Carolina, a suburb of Wilmington. The property is located on Interstate 74 about 18 miles from the Port of Wilmington.
Milpitas, California-based Precision created new jobs for the Wilmington area, many that pay better than the average wages for the region.
The International Commerce Center, owned by the Brunswick County Economic Development Commission, also snared two other tenants. Lowe's, the home improvement retailer headquartered near Charlotte, North Carolina, leases 67,000 square feet. Tri-Tech Forensics leases 23,660 square feet.
About the project: International Commerce Center is a two-phase industrial development located in the northeastern suburbs of Wilmington. The first phase, a 284,580-square-foot property for multiple tenants, opened last year. Construction on the second phase, a 134,360-square-foot building, is underway. The 16-acre site was developed to be "shovel-ready."
What the judges said: The development was a "collaborative effort ... involving multiple agencies" from Brunswick County, Bladen County and the North Carolina Department of Commerce, said Spruill Thompson, senior vice president at Cape Fear Commercial.
Precision "was secured in a competitive site selection process with other states," Thompson said. "The hidden complexities of this make it my choice for lease of the year."
Precision "brings good-paying jobs further inland rather than the development that is more quickly spreading up the coast," said Adam Jones, chair of the economics and finance department at the University of North Carolina-Wilmington.
It's also providing employment opportunities closer to communities in Brunswick, Columbus and Bladen counties compared to "development taking place along the U.S. Highway 421 corridor or on the eastern side of the Cape Fear River," Jones said.
They made it happen: Bryan Greene and Hill Rogers at Cameron Management in Wilmington.