Publications

Transactions - JUNE 13, 2019

Elion proposes $2b expansion project for N.C. logistics park

by Andrea Zander

Elion Partners has plans to spend approximately $2 billion to expand the former RidgePort Logistics Center in Wilmington, N.C.

The 140-acre complex is considered one of the largest served industrial mixed-use logistics parks in the Midwest, and one of the largest in the country.

The project will consist of an additional 30 million square feet of distribution space at what is now being called the Elion Logistics Park 55.

Elion Partners has plans to spend approximately $2 billion to expand the former RidgePort Logistics Center in Wilmington, N.C.

The 140-acre complex is considered one of the largest served industrial mixed-use logistics parks in the Midwest, and one of the largest in the country.

The project will consist of an additional 30 million square feet of distribution space at what is now being called the Elion Logistics Park 55.

In 2016, Elion acquired more than 1,000 acres of land in the Greater Chicago area with the potential to house 11,397,057 square feet of industrial distribution space, known as RidgePort Logistics Center. At the time, a 2 million square foot facility owned by Michelin and a 50,000 square foot transload cooler building owned by Puris were the only tenants on-site. Since the acquisition, the firm has purchased additional land, made significant infrastructure advancements, and collaborated with local partners and government entities to expand the future Park to 30+ million square feet. To date, 6.3 million square feet of multi-tenant and build-to-suit space exists and is occupied by companies such as Post, Lineage, Batory Foods, and another Fortune 500 company.

The master plan includes up to 2,500 acres and today houses a full-service TA Petro Travel Plaza, 40 acres of natural ponds, and up to 140 acres planned for commercial development. Current projects underway include an on-site first responders' station, slated for completion in Q4 2019, interconnectivity via planned pedestrian walking paths, and an on-site helipad. ELP 55 features two miles of frontage along the BNSF’s Transcontinental Mainline with up to 12 million square feet of potential rail service, and three miles of I-55 frontage with a complete interchange.

In addition to an approximately $2.5 billion in projected economic growth to the region and potential 12,655 additional local jobs to residents, the Park serves a critical need for companies requiring intermodal access. It also offers closer proximity to these companies' consumers due to e-commerce-driven demand for quicker delivery. ELP 55 is strategically located in a regional distribution hub that reaches 27% of the U.S. population within a one-day drive and serves as a solution for “first mile” logistics within the Midwest, allowing delivery to consumers faster.

The firm has also retained CBRE to assist its leasing efforts.

 

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