SkyREM acquires industrial facility in Fayetteville

By Staff Report, posted May 24, 2021 on BizFayetteville.com

SkyREM picked up its latest commercial property at 800 Technology Drive in Fayetteville.

A large industrial facility located in Fayetteville was recently acquired by SkyREM LLC, which has made several large industrial sites in the area.

The company reported in a prepared statement that it acquired the building and property at 880 Technology Drive, a 185,000 square foot industrial facility as its latest acquisition.

SkyREM officials said the building is 100 percent leased to two credit tenants – a delivery services company, and a supply chain solutions provider.
The property is positioned along Interstate 95, providing regional connectivity via seamless access to a network of major transportation thoroughfares, including Interstate 295, Interstate 74 and Interstate 40.

In total, SkyREM officials said the company owns more than 1 million square feet in the Fayetteville area. It also has additional ground-up development projects in planning stages.

“We are pleased to complete the acquisition of this mission critical facility. This is our second acquisition in Fayetteville and we are committed to growing our presence in the market,” said Alex Dembitzer, founder of SkyREM. “We will soon be breaking ground on two Class A speculative development projects in the market and hope to have them completed in the first quarter of 2022.”

The most recent purchase on Technology Drive was constructed in 1997, with major renovations completed in 2020. The property has cross-docked property that features 25 feet of clear heights, concrete tilt-up construction, and other desirable features for light industry use, such as ESFR sprinklers, premium dock packages and full concrete truck courts with an abundant amount of trailer parking.

“In a time where opportunities to acquire fully leased, institutional quality industrial properties with credit-grade tenants are few and far between, the acquisition of 880 Technology Drive stands out,” said Marc Civitillo, managing director of acquisitions at SkyREM. “This acquisition is part of our strategic plan to acquire well located distribution facilities in strong markets.”

Additionally, on May 18 the Fayetteville Cumberland Economic Development Corporation announced that another significant development was coming to the area.

The Cumberland County Board of Commissioners approved a separate deal with SkyREM, allowing the company to purchase approximately 515 acres of county-owned industrial property for $6.55 million.

In the agreement SkyREM is required to build new industrial buildings in the Cedar Creek Industrial Park and Cumberland Industrial Center.

According to a prepared statement from the FCEDC, three parcels, totaling about 356 acres, are in the Cedar Creek Industrial Park adjoining Clark West Road. The remaining 159 acres front Sand Hills Road and Production Drive in the Cumberland Industrial Center.

“SkyREM is excited for the opportunity to potentially invest further in the Cumberland County market, and we are happy to be considered as the potential purchaser for the Cedar Creek and Sand Hill development sites,” according to a statement provided by Dembitzer. “We currently own and manage over 1.1 million square feet in Fayetteville and look forward to rapidly developing multiple state-of-the-art, best-in-class manufacturing, distribution and logistics facilities. These sites will have direct access to the crucial I-95 east coast corridor that reaches 80 percent of the American population in one day or less.”

SkyREM will have 36 months once the sale is finalized to construct the first building on each individual site or the county has the option to repurchase the property.

This is the company’s third significant investment in Cumberland County with the purchase of 107 Tom Starling Road. (927,000 square feet) in 2018 and 880 Technology Drive (182,000 square feet) earlier this year.

“We would like to thank the Cumberland County Board of Commissioners and the Fayetteville Cumberland County Economic Development Corporation for their consideration and look forward to working alongside the local government bringing new businesses, and, more importantly, new jobs to the area.”

County Commission Chairman Charles Evans said the sale and the subsequent development is part of a strategy to add value and secure jobs in the area.

“When our county invested in these industrial parks, the goal was to attract private sector investment and create jobs for our citizens,” said County Commission Chairman Charles Evans. “With this announcement, and the company’s aggressive construction timeline, our community is well positioned to compete for and to win transformative economic development projects.”

SkyREM, with offices in Philadelphia and in New York City, is a privately funded and managed real estate company which owns and operates a large, diversified portfolio of properties in the United States. As a principal for its own account, Sky is actively acquiring throughout the East Coast.

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