Trinity Capital Announces Disposition of Alexander Commerce Park
September 24, 2024
Durham, NC – September 24, 2024 – Trinity Capital Advisors is pleased to announce the disposition of Alexander Commerce Park, a Class-A industrial park featuring three buildings, totaling 441,280 square feet, and located on TW Alexander Drive in Durham’s Research Triangle Park. JLL’s Senior Managing Director Pete Pittroff and Senior Director Dave Andrews, and Associate Zachary Lloyd represented ownership in the sale.
The park is fully leased. Its location played a major role in its leasing success; rents grew 65% during construction, and the park was 100% leased before construction was complete. The park, delivered in 2023, is 100% occupied by four tenants, including Upper Deck, Wolfspeed, Wesco, and Running Logistics. It’s centrally located within the Triangle and features proximity to major highways and transportation corridors and targets light industrial, advanced manufacturing, pharma, and distribution tenants.
“Alexander Commerce Park is a great example of our core investment strategy to develop the right product in an irreplaceable location,” said Jeff Sheehan, Managing Partner, Trinity Capital. “Our team is driven to know our markets better than anyone. That, coupled with the relationships we’ve developed with key stakeholders continues to deliver successful returns for our investors.”
Alexander Commerce Park is one of many successful investments by Trinity Capital in the Triangle region. Over the past 10 years, the firm has acquired or developed over 9.0 million SF of office, industrial, and life science assets totaling $2.2 billion in capitalization. Major projects include Eastgate 540 (980,000 SF across six industrial buildings), 147 Exchange (274,370 SF industrial building), Park Point (645,000 SF adaptive reuse life science park), Spark LS (1.7 million SF life science campus), and Southport Innovation Center (911,000 SF life science / flex manufacturing campus).
“Our love for the Triangle region runs deep,” Sheehan said. “We’re big believers in the quality of life and opportunities it provides to so many, and we look forward to continuing to invest in its future success.”
