Burnt Mill Business Park is a business center located in Midtown Wilmington between Randal Parkway and Covil Avenue. MWM broker, Steve Hall, has been the leasing agent throughout the new additions in the past couple of years. Now, there are proposals for a new building in the park to add additional space for new tenants.
The first two buildings in the park were constructed in 1988, and since then, several more buildings have been added. The most recent additions included 4 new buildings and were constructed in 2018. Steve Hall noted that these last 4 buildings were leased before they were even completed!
Some of the current tenants include: Brunches, a Crossfit gym, Grainger Industrial Supply, RHA Health Services, Apria, the Rock Church, government offices, a local radio station and even a summer camp and school.
After the addition of these new buildings, the center will have a total of 300,000 square feet of office space. The new building itself will be 15,000 square feet and can hold 5 businesses. It was proposed due to the lack of occupancy in the park, lack of office space in the Wilmington area, and low interest rates.
Hall says that the construction of the newest building could start by the end of the year and would be bordered by Burnt Mill and Jaeckle Drive. The current status of the project is still in the technical review pipeline with the city. Ultimately, the new building should be complete by mid 2022.
Hall mentioned that he could see an insurance agency, medical company or engineering company moving into the new space. Although, options are open!
Going forward, Hall believes that the demand for office space will go up despite work from home trends. He notes that the demand has been good and the inventory in Wilmington is low, so potential tenants are on the hunt!
We are excited to see the new building and are expecting to get some great tenants in there! If you would like any more info you can give us a call!