PCX Corporation signs deal at Eastgate 540; Trinity Capital begins development of park’s final three buildings
December 14, 2020
Trinity Capital Advisors recently announced their newest tenant and development plans for Eastgate 540, in eastern Wake County. The commercial real estate development and investment firm has begun construction on a 159,600 SF Class-A industrial building to be fully occupied by PCX Corporation, a proven leader in the prefabricated modular electrical distribution and power systems manufacturing space. Based in Ohio with manufacturing in Clayton, NC, PCX serves the commercial construction, modular data center and industrial-utility industries worldwide and will be expanding to the new site in June 2021, after the building is slated for completion.
“PCX is excited to be working with the Trinity Capital team and chose the Eastgate location due to its proximity to major transportation routes and access to a strong skilled labor force,” said Mark Di Lillo, President and CEO of PCX Corporation. “Trinity Capital was flexible to our unique building requirements and very responsive to our needs.”
This latest transaction brings the park’s occupancy to 95%. The park most recently welcomed Highland Cabinetry, occupying 103,920 SF. Eastgate 540 has experienced sustained leasing and development success since Trinity Capital’s acquisition in May of 2019, when the park comprised an existing 150,000 SF building (Building 1) and additional development acreage. Since then, Trinity Capital delivered two additional buildings (Buildings 2 and 5).
“We’re honored to have the opportunity to develop Eastgate’s fourth building for such a well-respected tenant like PCX,” said Jeff Sheehan, Partner at Trinity Capital. “The success we’ve experienced at Eastgate 540 validates of our belief in its superior location.”
As a result of the park’s momentum, Trinity Capital plans to develop Eastgate 540’s final two buildings following PCX’s Building 6. Buildings 3 and 4 will be 120,000 SF each and will deliver in July and August 2021. Upon completion, the park will total 980,000 SF across six buildings, with 830,000 SF of the space developed between May 2019 and August 2021.
“Our confidence in both the quality product and market fundamentals fully support our additional development plans,” added Sheehan. “It’s rewarding to watch our original development thesis come to life and have the market and tenants respond so positively.”
Eastgate 540, in Raleigh’s East Wake submarket, 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. and home to respected tenants including Ernest Packaging, Eby-Brown, and CHEP Container.
Foundry Commercial’s Jackson Rives represented PCX Corporation in the transaction. Alexis Lambeth, also with Foundry Commercial, represented the Landlord.