Trinity Capital Advisors (“Trinity Capital”), in joint venture with Mortenson Properties, Inc. (“MPI”), today announced Palmer Donavin as the first tenant at Falls Lake Industrial Park, a master-planned industrial development in Butner, North Carolina. Palmer Donavin, a building materials distributor and door fabricator that has been in business for more than 120 years, will occupy a new 225,000-square-foot build-to-suit industrial facility at the park.

Development of Palmer Donavin’s 225,000 square foot build-to-suit facility is underway and will be complete by mid-2027. The new facility represents the next major commitment within the park and further validates Falls Lake’s ability to attract high-quality industrial occupiers in the region.

Falls Lake Industrial Park is planned for 1,021,260 square feet across five Class-A buildings on 157 acres with direct frontage on I-85. Construction on Phase One of the park began and the beginning of 2026 and will deliver two buildings totaling 364,010 square feet at the end of the year. Designed to accommodate a broad range of distribution, manufacturing, and logistics companies, the park will offer state-of-the-art construction, flexible building sizes, modern features, and access to the region’s most critical logistics corridors.

“Welcoming Palmer Donavin to Falls Lake Industrial Park is a significant milestone for the project and a strong validation of the strategy behind it,” said Jordan Quinn, Partner, Industrial at Trinity Capital. “We are grateful for Palmer Donavin’s commitment to Falls Lake Industrial Park and excited to support their long-term growth with a facility designed around their operational needs. They are a highly respected company with more than a century of history, and their decision to locate here reinforces why companies are choosing this great park.”

Palmer Donavin’s new facility will provide direct access to the interstate network and major transportation corridors throughout the Southeast. The site’s location in Granville County offers proximity to Raleigh-Durham’s employment base, regional logistics infrastructure, and a highly qualified workforce supported by the Triangle’s community college and university systems.

“We are pleased to welcome Palmer Donavin to Falls Lake Industrial Park and continue our partnership with Trinity Capital on this important development,” said Mike Klisanich, Director of Investments at MPI. “This build-to-suit reflects exactly the type of high-quality industrial opportunity we envisioned for the park — one that supports established businesses, creates long-term value, and contributes to the continued economic growth of the region.”
Trinity Capital remains one of the most active industrial developers in the Triangle region. Over the past six years, the firm has deployed more than $350 million in the Raleigh market, delivering 11 industrial buildings that were 100% pre-leased upon delivery. Falls Lake Industrial Park continues this momentum with a project thoughtfully positioned to meet ongoing demand for high-quality, well-located industrial space.

“Our work across the Triangle has demonstrated the continued depth of demand from industrial users seeking modern facilities, strong connectivity, and access to talent,” said Jeff Sheehan, Managing Partner at Trinity Capital. “Welcoming Palmer Donavin as the first tenant at Falls Lake Industrial Park is an exciting first step for the project, and we look forward to advancing the initial phase alongside MPI and our project partners.”

Mortenson will serve as General Contractor and lead construction operations for the project. Leasing for Falls Lake Industrial Park is led by Al Williams, Justin Booth, and Austin Jackson of JLL. Eric Shea and Doug Brock with Newmark represented Palmer Donavin in the transaction.

About Trinity Capital Trinity Capital Advisors focuses on the acquisition and development of institutional-quality commercial real estate in the southeastern United States. The firm has invested more than $5.8 billion acquiring and developing more than 35 million square feet of successful workplace real estate projects in North Carolina, South Carolina, Tennessee, and Florida, including CBD office towers, industrial portfolios, suburban office parks, and mixed-use developments. Investments are capitalized through various Trinity Capital investment vehicles and partnerships with some of the country’s top institutional investors. Learn more at trinitycapitaladvisors.com.

About Mortenson Properties, Inc.: Mortenson Properties, Inc. (“MPI”) is the real estate investment and ownership arm of the Mortenson family portfolio of companies, providing comprehensive real estate investment solutions to a broad range of customers. Through development and acquisition, MPI’s portfolio includes over $1.2 billion in assets under management, 8 million square feet of industrial, medical office, life science, renewable energy, and office assets across Minnesota, Colorado, Utah, and the Carolinas, and over 300 acres of developable land. Mortenson Properties is an integrated solutions provider alongside Mortenson, providing equity and construction services with a key focus on sustainability. For more information, visit mortensonproperties.com.

About Mortenson: Mortenson is a U.S.-based, top-25 builder, developer, and engineering services provider serving the commercial, institutional, and energy sectors. Mortenson’s expanding portfolio of integrated services helps its customers move their strategies forward, ensuring their investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers. Mortenson has operations across the U.S. with offices in Chicago, Denver, Fargo, Iowa City, Milwaukee, Minneapolis, Nashville, Phoenix, Portland, Salt Lake City, San Antonio, and Seattle. For additional information, visit mortenson.com.

About Palmer Donavin: Palmer Donavin is a building materials distributor and door fabricator that has served customers for more than 120 years. The company partners with dealers, builders, and remodelers across its markets, providing products, services, and operational expertise to support residential and commercial construction needs.