Updated Oct 16, 2026
Michelin North America Acquires Industrial Asset From Silver Creek Development & GFH Partners For $151M
29900 Graaskamp Boulevard
$151,000,000
$75/SF
Building Size
2,000,000 SF
Asset Type
Industrial
Closing
Oct 6, 2026
About this deal
AI
The industrial property located at 29900 Graaskamp Boulevard in Wilmington has been sold for $151,000,000. The asset encompasses a total area of 2,000,000 square feet, resulting in a price per square foot of $75.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $151,000,000
- Buyer: Michelin North America
- Seller: Silver Creek Development & GFH Partners
- Sale Date: 10/06/2026
- Market: Wilmington
- Square Footage: 2,000,000
- Price per Square Foot: $75
This transaction involved key players including Michelin North America as the buyer and Silver Creek Development & GFH Partners as the sellers. Charles Essig was the representative handling the transaction.
On the Map
$151,000,000
$75/SF
Industrial
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Players
Wilmington Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93