Located just outside of Raleigh, in east Wake County, Eastgate 540 was acquired by Trinity Capital in 2019. The park originally consisted of an existing 150,000 sf, vacant building and a pad site for another building. Immediately thereafter, an adjacent 60 acre parcel was acquired. Development of an additional five buildings, totaling 830,000 sf ensued, A six year development timeframe was undertaken. Demand outpaced that timeframe, and the six building project was completed by November 2021, with the park 94% leased. In early 2021, another adjacent 20 acre parcel was acquired and a 204,220 sf building is currently being developed, with delivery anticipated for Q2 2022.
Upon completion of the third building, and with preleasing for the next three buildings well underway, the project was taken to market. Investor activity surpassed all expectations, and the project was awarded to an international investor. The buildings are being sold in phases as each building reaches completion. As of the end of 2021, six of the buildings have been sold, and the seventh will transact after delivery in Q2 2022. The sales price set regional records for industrial parks, on a per square foot basis.