Cumberland County has sold the Cedar Creek Business Park, according to an announcement today. (File photo)

Cumberland County seals deal with SkyREM on Cedar Creek Business Center

By David Kennard

Greater Fayetteville Business Journal

SkyREM LLC has closed on the purchase of Cumberland County’s Cedar Creek Industrial Park, which includes about 360 acres in Fayetteville.

The $3,559,600 deal represents a major milestone for Cumberland County, with 100 percent of the park in private-sector hands, according to a statement released Tuesday by the Fayetteville Cumberland Economic Development Corporation (FCDEC).

“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.” 

Tuesday’s sale was the “first of two proposed acquisitions by the company,” according to a prepared statement from FCDEC.

Earlier this year, Cumberland County Board of Commissioners approved the sale of a 159-acre tract in the Cumberland Industrial Center. As a condition of the sale, SkyREM agreed to construct a 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 percent, the demand for available, quality industrial space is higher than it has been at any time in the last 15 years according to data from CoStar Analytics, 2021. 

SkyREM, a privately funded real estate company with offices in Philadelphia and New York City, “is actively acquiring throughout the East Coast,” according to information made available to the Greater Fayetteville Business Journal.

The sale marks the “third significant investment” in Cumberland County, according to the FCDEC. Other acquisitions include property off 107 Tom Starling Road. (927,000 square feet) in 2018 and 880 Technology Drive (182,000 square feet) earlier this year. 

“SkyREM is excited to invest further in the Cumberland County market,” said Alex Dembitzer, SkyREM founder. “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.”

Tuesday’s acquired property is located in the much desired land with easy access to Interstate 95, which, according to the company, puts 80 percent of the country’s population within one day or less.

Marketing to manufacturing and light industrial companies, SkyREM pointed to Cumberland County and Fayetteville as ideal locations. Tuesday’s announcement included language touting benefits that included existing “road and utility infrastructure,” and the ability for “creating multiple ready-to-build sites within minutes of I-95.” Additionally, Tuesday’s statement pointed to a new Campbell’s Soup Distribution Center located within the Cedar Creek Industrial Park. 

“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,” Dembitzer said.

Likewise, Van Geons offered praise to Cumberland County officials.

“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,” Van Geons said. “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.”