May 19, 2021, 10:54 AM
by
Natalie LaVallee, Director of Marketing
FOR IMMEDIATE RELEASE
May 18, 2021
Contact: Natalie LaVallee, Director of Marketing
Phone: 910-500-6464
Email: 
Cumberland County Approves Economic Development Agreement with SkyREM, LLC
Developer Will Purchase 515 Acres & Commits to Building Industrial Space
FAYETTEVILLE, NC – The Cumberland County Board of Commissioners has approved an economic development agreement with SkyREM, LLC, allowing the company to purchase approximately 515 acres of County-owned industrial property for $6.55 million. As part of the agreement, SkyREM, a commercial developer, will construct new industrial buildings in the Cedar Creek Industrial Park and Cumberland Industrial Center.
Three parcels, totaling approximately 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. 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% of the American population in one day or less,” said Alex Dembitzer, SkyREM founder. “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.”
“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.”
Once the sale is complete, SkyREM will have 36 months to construct the first building on each individual site or the County may repurchase the property. 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.
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.
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.
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