Eastgate 540 announces 330,000 SF in leasing transactions
January 16, 2020
Trinity Capital Advisors’ recent acquisition, Eastgate 540, will soon be home to several new tenants.
The property, located in Raleigh’s East Wake submarket, includes an existing 150,000 SF Class-A industrial building and additional development acreage. The existing building is now fully leased as a result of two recent transactions: CHEP USA, the industry’s leading pallet provider, leased 57,840 SF (represented by Greg Lance with Cushman & Wakefield), and All American Relocation (represented by Bryan Everett with CBRE), a full-service moving company, leased 45,760 SF.
After acquiring the park in May of 2019, Trinity Capital immediately began development of a second 150,000 SF building. Trade Venture Stones has leased 46,080 SF in the building (represented by Austin Nagy with CBRE), leaving 104,000 SF of remaining availability. The building delivered January 2020.
Building 5 is currently under construction and tenancy was kicked off by Eby-Brown, the largest privately owned convenience store distributor in the United States, taking 180,000 SF. Building 5 is expected to wrap up in August 2020 and still has 100,000 SF available for lease.
“We believed strongly in the product and the market when we acquired the asset this spring, but the activity we’ve experienced has exceeded our expectations,” said Jeff Sheehan, Partner at Trinity Capital. “To be fully occupied at one building, and have a significant lease signed at another validates the location and the asset class, and we’re looking forward to continued development within the park.”
In addition to these three buildings, Trinity Capital has plans to eventually develop three more buildings, expecting to ultimately have just under one million square feet within the six-building park.
Eastgate 540 is ideally located adjacent to two major Interstates, I-540 and the future I-87, and close to I-440 and the I-40 corridor. Foundry Commercial, led by Jackson Rives (Managing Director), leases the park on behalf of ownership.