The New Hanover County Airport Authority at its March 2 meeting, approved a new lease for CIL Capital, LLC. CIL Capital, LLC signed a long-term ground lease at the ILM Business Park with plans to develop an additional 250,000-square-foot cold storage facility estimated to cost $50 million.
“This new investment by CIL Capital into the ILM Business Park and into New Hanover County is great news for economic development and business growth in our community,” said Board of Commissioners Chair Julia Olson-Boseman. “CIL Capital’s commitment to expand and build a second facility here in our county will bring more jobs and increase the tax base, and it also shows the value, opportunities, and positive progress within our ILM Business Park.”
Donna Girardot, chairman of the New Hanover County Airport Authority added, “We are thrilled CIL Capital chose to increase their investment in the ILM Business Park. CIL Capital’s continued investment in the ILM Business Park is a testament to their belief that they see ILM as a true economic development partner and the Business Park as a strategic location where they will thrive.”
The ILM Business Park, which encompasses 140 acres on airport property, has many advantages such as foreign trade zone status, access to Customs, as well as close proximity to major highways, rail, the Port, and an airfield and is just minutes to downtown Wilmington. In 2021 alone, 70 acres of the Business Park land was leased to three new tenants.
In November, CIL Capital, LLC signed a long-term ground lease at the ILM Business Park for the development of a 500,000-square-foot storage and distribution facility for the Life Sciences Industry. The company, which focuses primarily on acquiring, developing, and maximizing values of real estate investments integrated with logistics businesses, is pleased to have a new lease with the airport. “Due to overwhelming demand, CIL Capital has decided to move forward with a second facility at the ILM Business Park,” stated Michael Daily, COO of CIL Capital.
