FOR IMMEDIATE RELEASE
August 24, 2021
Contact: Maarja Hightower, FCEDC Director of Communications
Phone: 910-500-6405
Email: maarja@fayedc.com

SkyREM, LLC Acquires Cedar Creek Industrial Park in Fayetteville, NC

Project has potential for upwards of 1.6 million square feet of Class A industrial space

FAYETTEVILLE, NC – SkyREM, LLC, a vertically integrated real estate investor, owner, and developer, with corporate offices in New York and Philadelphia, has acquired 360 acres in the Cedar Creek Industrial Park. This sale represents a major milestone for Cumberland County, with 100% of the park in private-sector hands.

This is the first of two proposed acquisitions by the company. The Cumberland County Board of Commissioners has also approved the sale of an additional 159-acre tract in the Cumberland Industrial Center. As a condition of the sale, SkyREM has agreed to construct new industrial product within three years of purchase, with the potential for upwards of 1.6 million square feet of Class A industrial space, adding much needed inventory. With an industrial vacancy rate of 5.1%, the demand for available, quality industrial space is higher than it has been at any time in the last 15 years. (CoStar Analytics, 2021).

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

According to SkyREM’s press release, all road and utility infrastructure at the Cedar Creek Industrial Park location are in place, creating multiple ready-to-build sites within minutes of I-95 for new and existing businesses looking to relocate and expand in the area. The industrial park tenants will join the 700,000 square-foot Campbell’s Soup Distribution Center, completed in 2019.

“SkyREM is excited to invest further in the Cumberland County market. We currently own and manage approximately 1.2 million square feet in Fayetteville and look forward to rapidly developing multiple state-of-the-art, best-in-class manufacturing, distribution, and logistics facilities. Our sites will have direct access to the crucial I-95 east coast corridor that reaches 80% of the American population in one day or less,” said Alex Dembitzer, SkyREM founder, in the company’s release. “We would like to thank Robert Van Geons, the Cumberland County Board of Commissioners, and the Fayetteville Cumberland County Economic Development Corporation for giving SkyREM the opportunity to further invest in the Fayetteville market and look forward to working alongside the local government bringing new businesses, and more importantly, new jobs to the area.”

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

“We would like to congratulate the Cumberland County Board of Commissioners on the completion of this sale, which would not have been possible without the dedicated work of County Attorney Rick Moorefield and County Manager Amy Cannon,” said Robert Van Geons, President and CEO of FCEDC. “We are grateful to the City of Fayetteville for supporting utility extensions and our marketing efforts, as well as the North Carolina Department of Transportation and South River Electric Membership Corporation who provided funding for road and electrical improvements. This is an exciting project for Fayetteville and Cumberland County, and we look forward to our continued collaboration with SkyREM.”

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ABOUT SkyREM: 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. To learn more about SkyREM, please contact Marc Civitillo or James Pancetti at 212-888-6920 or visit www.skyrem.com.

ABOUT FCEDC: The Fayetteville Cumberland County Economic Development Corporation is a public-private partnership designed to enhance job growth and prosperity in the region by attracting new industry and growing and retaining existing industry. FCEDC works daily to help strengthen our economy and diversify our community tax base. Learn more at www.fayedc.com.