CORPORATE DRIVE WILMINGTON, NC · prominently on 6.32 acres of land located within the North Chase...

CORPORATE DRIVE WILMINGTON, NC

OFFERING MEMORANDUM

3200 CORPORATE DRIVE WILMINGTON, NC

OFFERING MEMORANDUM

CORPORATE DRIVE

3 | 3200 Corpora te Dr ive | Wi lmington, NC

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2014 Marcus & Millichap. All rights reserved. ACT ID V0090667

ABSOLUTELY NO PROPERTY TOURS OR DISCUSSIONS WITH TENANTS WITHOUT WRITTEN CONSENT

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

Conf ident ia l i ty Agreement

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Non-Endorsement Not ice

TABLE OF CONTENTS

Executive SummaryExecutive Summary . . . . . . . . . . . . . . . . . . . . . . . 6Property Overview . . . . . . . . . . . . . . . . . . . . . . . . 7Building Details . . . . . . . . . . . . . . . . . . . . . . . .8-10Site Expansion . . . . . . . . . . . . . . . . . . . . . . . . . . 11Local Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Aerial Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Site Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Financial Overview Financial Information . . . . . . . . . . . . . . . . . . . . . 17 Tenant Profile: Coverbind . . . . . . . . . . . . . . . . . . 18

Tenant Profile: Diet Direct . . . . . . . . . . . . . . . . . . 19

Recent Sales Comparables Comparables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

On Market Comparables Comparables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Rent Comparables Comparables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Market Overview Wilmington, NC . . . . . . . . . . . . . . . . . . . . . . . .27-28

Demographic Analysis Demographic Report . . . . . . . . . . . . . . . . . . . . . . 30 Demographic Summary . . . . . . . . . . . . . . . . . . . 31

E X E C U T I V E S U M M A R Y



This unique offering consists of an approximately 44,541-square foot* Corporate building located prominently on 6.32 acres of land located within the North Chase Industrial Park in Wilmington, North Carolina. This two-tenant asset is 100 percent occupied under triple-net leases to Coverbind Inc., and Diet Direct Inc., serving as the corporate headquarters for both tenants. Both leases pro-vide attractive annual rent increases with long term established tenants, one with over 20 years of operating history at this location.

Prominently located adjacent to Interstate 40, this distinctive asset is currently occupied by two tenants, each occupying approximately 50 percent of the structure. For ease of management, the spaces have been fully demised with separated electrical metering, restrooms, conference rooms, and breakrooms, yet have the benefit of a shared cafe and a pair of restrooms in the common area.

INVESTMENT SUMMARY

INVESTMENT HIGHLIGHTS• Two-Tenant NNN Industrial Asset• Attractive Annual Increases• One Tenant with Operating History of Over 20 Years at this Location• Large 6.32-Acre Parcel with Expansion Capability• High Quality Masonry Construction• Located within the Chase Industrial Park, the Only Master Planned Industrial Park in Wilmington• Prominent Visibility from Interstate 40

Purchase Price $3,950,000

CAP Rate 7.80%

Building Size 44,541 SF*

Land Area 6.32 AC

Occupancy 100%

Year Constructed 1994

OFFERING SUMMARY

*Square Footage is Approximate




PROPERTY OVERVIEWAddress 3200 Corporate Drive

Wilmington, NC

APN RO2616-001-008-00

Building Area 44,541 SF*

Land Area 6.32 AC

Year Built 1994

Number of Stories 1

Type of Ownership Fee Simple

Parking 48 Surface Spots Available

Parking Ratio 1.08 / 1,000

Exterior Masonry

Roof EDPM

Foundation Caisson/Pilings

Slab 6 Inch Reinforced Concrete

Dock Doors 2 Dock High; 1 Grade High

Clear Height 19 Feet

HVAC 14 New Roof Mounted Units

Fire Protection Sprinkleres

Power 1500 Amp; 277/480v; Separately Metered

The property is located in the North Chase Industrial Park, the only Master Planned Industrial Park in Wilmington, and is adjacent to Interstate 40, a primary access route to Wilmington from Raleigh. The location offers prominent visibility from Interstate 40 to over 40,000 vehicles per day. Raleigh, located only 90 minutes away from site, has been rated by Forbes as the 2nd “Fastest Growing City” in the United States in 2014. Wilmington/Wrightsville Beach is the closest and most popular beach destination for Raleigh, as well as residents of Charlotte. The building is within two miles from the north campus of Cape Fear Community College, the state’s largest community college with over 30,000 students. Wilmington is also home to University of North Carolina Wilmington and it’s roughly 15,000 students and faculty being North Carolina’s foremost center for the study of marine sciences.




BUILDING DETAILS

The building was custom built for Coverbind in 1994 and has served as their corporate headquar-ters facility since that time. This facility offers a desirable mix of approximately 40 percent man-ufacturing, 27 percent warehouse and loading, 20 percent office space, and 13 percent common area. The building features attractive brick on block construction, lush landscaping, ample power, dock high doors, sprinklers throughout, and the ability for future expansion if needed. The structure is also fully air conditioned with recently replaced rooftop HVAC units.

The building was also constructed with the future in mind as a phased project, allowing for up to a 20,000-square foot expansion for use by either existing tenants or a third tenant, with adequate power, risers, and land in place for the construction of additional parking.



BUILDING DETAILSThe conditioned warehouse portion of the building has proven to be a desired feature for local ten-ants, particularly the two tenants currently occupying the building due to the nature of their busi-nesses and their need for conditioned space. This feature supports the tenants’ desire to remain at the location for years to come. Although Coverbind’s remaining lease term is less than three years, their continuing need for conditioned spaced, coupled with the building serving as their corporate headquarters for twenty years, the expansion of their business, the creation of multiple satellite offices, and the potentital for future building expansion will give an investor a high probability of lease renewal in the future.

Ownership has had no shortage of buyers indicating interest in purchasing the building. Local us-ers with businesses, as well as AOL Time Warner, have made offers to purchase the building from current ownership, demonstrating strong demand for the building. However, this asset is offered as a leased investment with long term potential and annual increases.

Office 9,724 SF

Manufacturing 17,667 SF

Warehouse 12,000 SF

Common Area 5,600 SF

BUILDING USAGE




BUILDING DETAILS



SITE EXPANSION



LOCAL MAP

3200 CORPORATE DRIVEWILMINGTON, NC



REGIONAL MAP

3200 CORPORATE DRIVEWILMINGTON, NC



AERIAL MAPS



SITE PLAN

F I N A N C I A L O V E R V I E W



FINANCIAL SUMMARY

Purchase Price $3,950,000

Down Payment $1,382,500

Rentable SF 44,541 SF*

Price/SF $88.68

CAP Rate 7.80%

Year 1 NOI $307,781

Debt Service $177,430

Debt Coverage Ratio 1.76

Net Cash Flow after Debt Service $130,351 / 9.43%

Principal Reduction $54,098

Total Return $184,449 / 13.34%

PROPOSED FINANCINGLoan Amount $2,567,500

LTV 65%

Interest Rate 4.85%

Amortization 25 Years

Term 10 Years




TENANT PROFILE: COVERBIND

Coverbind Corporation is a wholly owned subsidiary of Bindomatic A.B., a Swedish corporation currently doing business in 40 countries worldwide. Coverbind has been providing patented covers and binding machines to customers in North and South America for over thirty years. During those thirty years, Coverbind has re-mained dedicated to providing top-quality solutions to individuals, Fortune 500 companies, government facil-ities, schools, hospitals and more. They have continuously developed product enhancements that allow them to provide quality covers, binding solutions, and improve productivity for their clients. With a wide variety of solutions ranging from thermal binding machines, max staplers, small office machines, and supplies, coverbind is the industry leader in providing patented document covers and binding solutions to customers nationwide.

The Wilmington headquarters building houses Coverbind’s corporate offices, production facilities and ware-house space. Starting with the innovative thinking of its founder, Sture Wiholm, and continuing today with a team of research and technological experts, Coverbind has developed proprietary and patented processes for producing the highest quality covers and binding machines. This continued emphasis on quality and produc-tivity enables Coverbind to bring to the marketplace new and timely products. This enables their customers to improve both quality and productivity in their business operations to increase efficiency and save on long term printing costs.

www.coverbind.com; www.zoominfo.com

Tenant CoverbindLease Commencement 08/24/2007Lease Expiration 12/31/2017Base Term 10 YearsRemaining Term of Lease 3.5 YearsRenewal Options NoneOption to Purchase NoneFirst Right of Refusal NoneOption to Terminate NoneSquare Footage 22,432 SF*Annual Rent $161,297Current Base Rent $7.40Rent Escalations 3% AnnuallyDate of Next Increase 08/20/2015Lease Type NNNExpenses (Roof & Structure) Landlord Responsible




NEW MACHINES ALLOW WILMINGTON COMPANY TO DOUBLE STAFF

Introduction next month of two new binding machines promises to boost business at Wilmington-based Coverbind Corp. and could lead to a doubling of its staff.

Employment at the firm in the NorthChase Industrial Park, which is now just under 50, could increase to about 100 by the end of next year, said Erin French, vice president, customer logistics. Employees will be added in sales, administration and production, she said.

Want to apply? The company is always taking applications, French added.

Coverbind, which is the U.S. operation of Swedish company Bindomatic, manufactures binders from simple to elaborate and does final assembly of the company’s machines, all in Wilmington, Coverbind’s only location.

Coverbind can design and produce covers ranging from the simple to elaborate.

“We will do whatever the customer needs us to do,” French said. “We will create beautiful artwork, foil stamp embossing,” French said. But she added that the company also will provide a generic product that the client can use to create its own design.

“We manufacture an all-inclusive, one-piece cover that has a glue strip embedded on the spine,” French explained.

Coverbind’s machines, which it sells or leases, heat the adhesive as it is wicked into the paper.

Those new machines, the Coverbind 7000 and 9000, can bind anywhere from 1,200 to 2,400 documents an hour, French said.

The machines, roughly the size of a copier, “allow customers to thermally bind a document in-house,” she said, saving money and in-creasing productivity.

Coverbind’s process is a more efficient alternative to spiral binding, French said. The latter, she contends, is cumbersome, takes much more manual labor and time and can lead to inaccuracies – pages can be bound out of order, for instance – or tampering.

Coverbind is no fledgling outfit. The parent company is 40 years old, and Coverbind opened in Wilmington in 1994.

Its customers vary widely.

Some only require a desktop version of a binding machine, French said.

But Coverbind also provides its products to two of the top 10 accounting firms in the U.S., three of the top 10 engineering firms and four of the top 20 insurance companies, she added.

The company’s products, French said, are particularly useful in corporate print shops, where multiple kinds of documents must be print-ed in the thousands – annual reports, presentations to clients, applications for product approval. As fast as documents can be printed they can be bound, she said.

The U.S. Patent and Trademark Office is a major Coverbind client, requiring hundreds of thousands of covers for patent applicants and recipients. That business is growing as the office’s response time on patent applications shortens and attracts more applicants from around the world, French said.

A growing opportunity is the judicial system. Court systems are starting to mandate that records be bound using adhesive, French said.

The court document “needs to be bound this way because it’s tamper-proof. With spiral they could take a page out and no one would know,” French said.

“It’s huge for Coverbind,” she said. “They have to buy ours.”

By Wayne [email protected]: Saturday, May 24, 2014 at 10:30 a.m.

Photo by Mike SpencerErin D. French, Coverbind vice president of customer logistics, demonstrates the Coverbind 7000 and Coverbind 9000 binding machines at the company’s location in Wilmington.



While unemployment rates are the lowest seen in years, and retail sales have returned to what they were before the Great Recession, the economic forecast for 2014—both locally and na-tionally—is modest: a growth rate of about 2.5 percent.

Influenced in part by a lag in the number of people returning to the workforce, among other indicators, the prediction was the number that a crowd of about 250 people turned out to hear at the 22nd annual Economic Forecast Breakfast put on by the Wilmington Chamber of Commerce.

Held Thursday at the Wilmington Convention Center, the pro-gram offered outlooks by Richard Kaglic, a senior regional econ-omist with the Charlotte branch of the Federal Reserve Bank of Richmond, and William “Woody” Hall, professor of economics and senior economist at UNCW’s Cameron School of Business.Kaglic said he expects to see a national growth rate above 2 per-cent—in line with last year’s 2.5 percent—though not any high-er than 3 percent. A reason for that, he said, is the labor force is growing at a low rate—about 2 percent. While the country is seeing an increase in employment and a decline in unemploy-ment—what Kaglic described as two of three signs of a healthy labor market—he said the economy is missing the third: a grow-ing labor market.

Kaglic also said wages are growing at 2 percent, describing those as making up 70 percent of the economy.

Richard Kaglic, senior regional economist at the Charlotte branch of the Federal Reserve Bank in Richmond, cited labor market trends in his economic forecast. ‘Traditionally, when the economy starts to expand again,’ he said, ‘we start to see folks flow into the labor force. That’s just not happening this go-round.’

“If you’ve got 70 percent of your economy that seems to be stuck at a 2 percent growth rate, you’re going to be hard-pressed to find something much beyond that in topline GDP (gross do-mestic product) growth,” Kaglic said. “So the question is: Where is that going to come from?”

Locally, Hall said a different trend is true for the Wilmington met-ro area, particularly regarding the labor force.

“There is a difference between what’s happening in southeast North Carolina and what is happening statewide, what is hap-pening nationally. We’ve seen increases in employment recently in southeastern North Carolina that exceed the reductions in unemployment,” he said.

Hall said unemployment rates have slightly declined over the past year, while seasonally adjusted unemployment rates have dramatically declined since November 2012.

The latest numbers from the N.C. Department of Commerce show New Hanover County’s unemployment rate dropped near-ly a full percentage point in November 2013 to 6.7 percent—two points lower than it was the year before. Compare that to New Hanover’s peak unemployment during the recession: 10.5 percent in August 2011.

Hall provided other peak-number comparisons: Brunswick County’s was nearly 12 percent in October 2009, compared to 7.9 percent this past November; Pender County’s was 13 percent in September 2011, compared to 8.1 percent in November.

“These unemployment rates—even though we’re talking about, for example, in New Hanover County, about 7 percent, which by the way is the same as the national unemployment rate in No-vember 2013—pale in comparison to what the average unem-ployment rate was in 2007-2008. The unemployment rate is still twice what it was prior to the onset of the recession,” Hall said.

Nationally, Kaglic said the unemployment rate—currently about 7 percent— is coming down “faster than what most folks had anticipated,” though he emphasized the aforementioned lag in people returning to the labor market.

“What typically happens in a recovery, it’s normal to see peo-ple leave the labor force during the course of a recession,” Kaglic said. “But traditionally, when the economy starts to expand again, when jobs are being created, we start to see folks flow into the labor force. And that’s just not happening this go-round.

“The labor force participation rate in the United States is con-tinuing on a downward trend. Currently, we’re sitting near the lowest levels that we’ve seen since the late 1970s, early 1980s. In the long-term, you want more people participating in the la-bor force,” he said, “because at the end of the day, your economy can’t grow without workers.

Hall said significant improvements have been seen locally in retail sales and in New Hanover County’s room occupancy tax, describing the former as “at least one sector that has recovered virtually completely from the hits that it took in the recession.”

Woody Hall, senior economist at UNCW’s Cameron School of Business, cited improvements in retail sales and room occupan-cy taxes, which he said have returned to pre-recession levels. Of the housing market, he said: ‘It’s still got a long ways to go to get back to where it was in ’05.’

“Let me state: Retail sales, at least on a 12-month moving total basis, are back to where they were prior to the 2008-2009 reces-sion,” he said. “Collections from the 2 to 3 percent room occu-pancy taxes are back to where they were prior to the onset of the recession.”

“It’s still got a long ways to go to get back to where it was in ’05,” Hall said of the housing market.

Kaglic said there are signs to be optimistic about in 2014, not-ing equity markets are up and similar increases in consumer and business confidence. But he said there is not enough evidence to expect growth much higher than the current 2 percent.

“I think we’ll probably see a little better than that—maybe 2.5 to 3 percent. But I don’t think you’re going to see beyond 3 percent in 2014,” Kaglic said, noting again the impact of the labor market data.

“As a society, we can only make as much goods and services as we have the number of people producing the stuff and how much stuff they can produce. So the economy can only grow as fast as changes in labor inputs and changes in productivity will allow it to grow.

“Unless you see something change in those two,” Kaglic said, “we as a society are going to be hard-pressed to produce more goods and services.”

Source: Portcitydaily.com By: Jonathan Spiers

ECONOMIC FORECAST FOR 2014: NOT MUCH DIFFERENT THAN 2013



TENANT PROFILE: DIET DIRECT

Founded in 1998, Diet Direct is the leading online source for the same medical grade protein diet supplements used by hospitals, physicians, and weight loss clinics around the world. Direct Direct carries carefully selected products to help customers achieve their ideal weight in a healthy manner and maintain their goals for life. Creator of the WonderSlim Diet Plan, Diet Direct provides this easy to follow plan that continues to produce real results for real individuals with a 110 percent Satisfaction Guaranty. In addition to the Wonderslim Diet Plan, Diet Direct offers additional product lines such as BariWise, ProtiDiet, Bariatric Advantage, Kay’s Naturals, Snackergy and more, that are ideal for high protein diets, liquid diets, diabetic diets and low-carb lifestyles, while meeting the needs of Medically Supervised VLCD, LCD, and Modified Fasting Diets. While Diet Direct focuses on online service, they find pride in the personal guidance, caring staff, low prices, and award winning service.

A+

Tenant Diet Direct, Inc.Lease Commencement 06/01/2013Lease Expiration 05/31/2023Base Term 10 YearsRemaining Term of Lease Approximately 8.5 YearsRenewal Options NoneOption to Purchase NoneFirst Right of Refusal NoneOption to Terminate NoneSquare Footage 21,658 SF*Annual Rent $146,484.00Current Base Rent $6.76Rent Escalations 2.5% AnnuallyDate of Next Increase 06/01/2015Lease Type NNNExpenses (Roof & Structure) Landlord Responsible


R E C E N T S A L E S C O M PA R A B L E S



Property Name

Ferguson

1

Close of Escrow 02/28/2013

Sales Price $5,605,500

CAP Rate 8.50%

Rentable SF 65,085

Price/SF $86.13

Year Built 2009

Property Name

Noblin

2

Property Name

Motor Racing Network

3

RECENT SALES COMPARABLES

3891 421 N Highway, Wilmington, NC 28401

2741 Noblin Road, Raleigh, NC 27604

555 MRN Drive NW, Concord, NC 28027



CAP Rate N/A

Rentable SF 20,584

Price/SF $97.16

Year Built 1994



CAP Rate 7.90%

Rentable SF 24,739

Price/SF $111.16

Year Built 1999

Comments: Single-Story Masonry Flex Building. 100 Percent Leased to Two Tenants with NNN Leases

Comments: Single-Story Flex Building Located on 5.72 Acre Parcel. 100 Percent Leased to the Motor Racing Network.

Comments: Single-Tenant Property Leased to Ferguson. Approximately Eight and a Half Years Remaining on a NNN Lease.

O N M A R K E T C O M PA R A B L E S



ON MARKET COMPARABLES

Property Name

McKesson Corp

1

Price $5,400,000

CAP Rate 7.00%

Rentable SF 68,000

Price/SF $79.41

Year Built 1995

Property Name

Sigma

1

Price $4,105,000

CAP Rate 7.00%

Rentable SF 32,176

Price/SF $127.58

Year Built 1977

Comments: Multi-Tenant. Various Lease Expiration Dates from One to Three Years.

Property Name

Safe Streets USA

1

Price $1,665,000

CAP Rate 9.50%

Rentable SF 30,000

Price/SF $55.50

Year Built 2005

Comments: Single-Tenant. Three Years Remaining on Lease Term.

7101 Weddington Road NW, Concord, NC 28027

123-135 Sigma Drive, Garner, NC 27529

Comments: Single-Tenant. Four Years Remaining on Lease Term.

5305-5311 Raynor Road, Garner, NC 27529

R E N T C O M PA R A B L E S



1

Year Built 1980

Rentable SF 20,600

Asking Rent/SF $10.00

Lease Type Triple Net (NNN)

2

3

1817 Hall Drive, Wilmington, NC 28405

2776 Kerr Avenue, Wilmington, NC 28405

3232 Kitty Hawk Road, Wilmington, NC 28405

3 2909 Orville Wright Way, Wilmington, NC 28405

RENT COMPARABLES

Year Built N/A

Rentable SF 18,000



Year Built 2007

Rentable SF 17,500



Year Built 2008

Rentable SF 24,000



Property Name

1817 Hall Drive

Property Name

2776 Kerr Avenue

Property Name

3232 Kitty Hawk Road

Property Name

2909 Orville Wright Way

Comments: Class B Flex Building. Previously Occupied by Pharmaceutical Company. Space is Divisible.

Comments: Class B Flex - Light Manufacturing Building. Multi-Tenant Building. Each Space Equipped with Loading Dock and Drive-In.

Comments: Single-Story Metal Building on 2.70 Acres. Multi-Tenant Building with Eight Drive-Ins.

Comments: Class C Flex Building. Shell Structure. Lease Rate Includes the Office Build Out Per Specific Floor Plan. Rate to be Adjusted for Modifications to Proposed Build Out.

M A R K E T O V E R V I E W



WILMINGTON, NORTH CAROLINA

The charming city of Wilmington, also known as the Port City, is located in the southeastern corner of North Carolina be-tween Cape Fear River and the Atlantic Ocean. Although it is the eighth largest city in the state, Wilmington has far more to offer than just a booming tourism industry which draws visitors from around the globe. From the historic river district and Riverwalk that winds around the storied Cape Fear River to three colorful island beaches, Wilmington, North Carolina is abundant in natural beauty, culture, history, and charm. The banks of the river embrace a variety of architectural styles and moss-draped live oaks that line the 230-block National Register Historic District, one of the largest in the U.S., sur-rounded by unique boutiques, eclectic shops, and vibrant nightlife venues. With over 40 locally owned restaurants and pubs in downtown Wilmington’s historic river district, only a short trip across the river to the Battleship NORTH CAROLINA, and minutes from Carolina Beach, Kure Beach, and Wrightsville Beach (all no more than 25 minutes apart) there is no shortage of entertainment and activities within Wilmington.



Wilmington, is the county seat of New Hanover County located on the southeastern coast of North Carolina. Originally Settled by English colonists in 1720’s the community was founded on the Cape Fear River. In 1739, the town was incorporated with the name Wilmington, in honor of Spenser Compton, Earl of Wilmington. Wilmington’s commercial importance as a major port afforded it a critical role in opposition to the British in the years leading up to the Revolu-tion. Additionally, the city was home to outspoken political leaders who influenced and led the resistance movement in North Carolina. In the 1830s, citizens of Wilmington became eager to take advantage of railroad transportation. Plans were developed to build a railroad line from the capital of Raleigh to Wilmington. This was later changed when the citizens of Raleigh did not care to make the venture of a stock subscription to secure the railroad. The end point was later changed to Weldon, and when construction of the railroad line was finally completed in 1840, it was the longest single line of railroad track in the world. The railroad also controlled a line of steamboats that ran from Wilm-ington to Charleston; it was widely used for passenger travel and transportation of freight.

Today Wilmington’s industrial base includes electrical, medical, electronic and telecommunications equipment; cloth-ing and apparel; food processing; paper products; nuclear fuel; and pharmaceuticals. Wilmington’s diverse econo-my is composed of several mainstays: tourism, filmmaking, contract research organizations (CROs), finance, retail, service, construction, education, government, arts and manufacturing, which is not surprising considering North Carolina was rated 4th “Best State for Business” by Forbes in 2014. The area’s largest employers include GE-Hitachi Nuclear Energy, Corning, PPD, Verizon Wireless, Progress Energy, the world class Regional Medical Center, University of North Carolina, and is home to the largest full motion picture facility in the United States east of California.

Wilmington has experienced roughly an 8 percent population growth over the last five years, and has led to additional growth in the area’s entrepreneurial spirit, prompting Fortune Small Business to rank Wilmington #14 in its rating of the Best Places to Launch a Business (2009). Entrepreneurial efforts are supported by the University of North Carolina Wilmington, with roughly 15,000 students and faculty, the Cape Fear Community College Small Business Center, the Small Business Technology Development Center, the Chamber’s Cape Fear Future initiative, Wilmington Downtown, Inc. and more. Pharmaceutical contract research organization PPD is Wilmington’s most visible entrepreneurial suc-cess story. But numerous others could be poised for national recognition and statewide prominence: Dry Case, Castle Branch, Tera Disc, Inclinix, ScheduleFly and many more.

D E M O G R A P H I C A N A LY S I S



DEMOGRAPHIC REPORT

2 Miles 5 Miles 10 Miles2000 Population 5,646 39,037 140,9132010 Population 7,121 50,817 173,8112013 Population 7,314 52,796 180,2492018 Population 7,908 57,709 193,666

2000 Households 2,232 15,406 59,3092010 Households 2,713 20,534 72,8382013 Households 2,786 21,299 75,4662018 Households 3,085 23,711 81,857

2013 Average Household Size 2.43 2.42 2.302013 Daytime Population 3,207 21,078 92,350

2000 Median Housing Value $102,959 $111,152 $125,346

2000 Owner Occupied Housing Units 75.74% 72.98% 55.83%2000 Renter Occupied Housing Units 19.24% 20.83% 33.06%2000 Vacant 6.20% 7.07% 11.81%2013 Owner Occupied Housing Units 66.17% 64.96% 58.12%2013 Renter Occupied Housing Units 33.83% 35.04% 41.88%2013 Vacant 3.50% 5.69% 10.37%2018 Owner Occupied Housing Units 63.95% 63.47% 57.98%2018 Renter Occupied Housing Units 36.05% 36.53% 42.02%2018 Vacant 3.00% 5.39% 10.07%

$ 0 - $14,999 11.5% 12.9% 16.5%$ 15,000 - $24,999 9.0% 11.2% 11.9%$ 25,000 - $34,999 8.1% 9.9% 10.9%$ 35,000 - $49,999 15.9% 16.1% 14.3%$ 50,000 - $74,999 29.0% 22.9% 18.6%$ 75,000 - $99,999 15.3% 13.7% 10.9%$100,000 - $124,999 6.0% 6.2% 6.8%$125,000 - $149,999 2.8% 3.2% 3.5%$150,000 - $199,999 1.7% 2.2% 2.9%$200,000 - $249,999 0.2% 0.6% 1.5%$250,000 + 0.5% 1.3% 2.4%

2013 Median Household Income $55,245 $50,017 $45,6602013 Per Capita Income $23,720 $25,118 $28,5392013 Average Household Income $60,065 $61,606 $67,082



DEMOGRAPHIC SUMMARY

PopulationIn 2013, the population in your selected geography was 180,249. The population has changed by 27.91% since 2000. It is estimated that the population in your area will be 193,666 five years from now, which represents a change of 7.44% from the current year. The current population is 48.5% male and 51.4% female. The median age of the population in your area is 36.6, compare this to the U.S. average which is 37. The population density in your area is 644.95 people per square mile.

HouseholdsThere are currently 75,466 households in your selected geography. The number of households has changed by 27.24% since 2000. It is estimated that the number of households in your area will be 81,857 five years from now, which represents a change of 8.46% from the current year. The average household size in your area is 2.29 persons.

Income In 2013, the median household income for your selected geography is $45,660, compare this to the U.S. average which is currently $53,535. The median household income for your area has changed by 18.18% since 2000. It is estimated that the median household income in your area will be $51,952 five years from now, which represents a change of 13.78% from the current year. The current year per capita income in your area is $28,539, compare this to the U.S. average, which is $28,888. The current year average household income in your area is $67,082, compare this to the U.S. average which is $75,373.

Race & Ethnicity The current year racial makeup of your selected area is as follows: 75.75% White, 17.55% African American, 0.56% Native American and 1.40% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.20% White, 12.65% African American, 0.96% Native American and 5.01% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 5.95% of the current year population in your selected area. Compare this to the U.S. average of 16.55%.

Housing The median housing value in your area was $125,346 in 2000, compare this to the U.S. average of $110,781 for the same year. In 2000, there were 37,478 owner occupied housing units in your area and there were 22,193 renter occupied housing units in your area. The median rent at the time was $531.

Employment In 2013, there are 92,350 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 60.4% of employees are employed in white-collar occupations in this geography, and 39.5% are employed in blue-collar occupations. In 2013, unemployment in this area is 5.74%. In 2000, the median time traveled to work was 17.7 minutes.

DEMOGRAPHIC REPORT

3200 CORPORATE DRIVE WILMINGTON, NC

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CORPORATE DRIVE

CORPORATE DRIVE WILMINGTON, NC · prominently on 6.32 acres of land located within the North Chase...

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