Development has begun at 147 Exchange, a Class-A Industrial building in Durham’s RTP
March 16, 2021
Trinity Capital Advisors (“Trinity Capital”) recently acquired 20 acres off 923 Ellis Road to develop a 274,370 square foot Class-A industrial building. 147 Exchange is near the Durham Freeway/Highway 147 in Raleigh-Durham’s Research Triangle Park industrial submarket.
The building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors, and two ground-level drive-in doors. Parking accommodates 274 cars with an additional 50 trailer parking spots. Trinity Capital has hired CBRE’s industrial team consisting of Ann-Stewart Patterson, Bryan Everett and Austin Nagy to lease the building that will be ready for occupancy in the first quarter of 2022. DMA Architecture will provide architectural services and Seamon Whiteside will provide civil engineering services.
“This is a unique opportunity for us,” noted Massie Flippin, Partner at Trinity Capital. “The market’s average building size is about 150,000 square feet and there are very few sites available in the RTP submarket that can accommodate larger buildings with trailer storage. The market’s strong fundamentals and lack of product in this size range should attract a wide variety of users, from distribution and manufacturing to ecommerce, fulfillment, and third-party logistics.”
This latest industrial project is Trinity Capital’s second in Research Triangle Park. Development has commenced at RTP’s Alexander Commerce Park, a three-building industrial park totaling 441,000 square feet. Additional industrial development across the Carolinas includes 850,000 square feet in Charleston’s Palmetto Commerce Park and plans for 600,000 square feet in the Charlotte region at Delta Industrial Park.
“Raleigh-Durham’s dynamic and vibrant economic base has created demand for quality industrial space. We are very excited about having a strong presence in the best industrial submarkets throughout the greater Raleigh-Durham region.” Flippin said.
Trinity Capital is currently developing the final three buildings at Eastgate 540, a Class-A industrial park in Raleigh’s East Wake submarket. Once complete, the park will total 980,000 SF across six buildings, with 830,000 SF of the space developed between May 2019 and August 2021.
Trinity Capital has offices in Charlotte and Raleigh and has been actively investing since 2002. The firm currently owns a portfolio totaling 10 million square feet of institutional-quality office and industrial assets throughout the Southeastern US. To date, Trinity Capital has acquired or developed more than 23 million square feet totaling $3.4 billion in cost, with more than $1.2 billion of equity capital invested.