Trinity Capital, in a joint venture with Barings, acquires 154 acres of land in Kannapolis to begin development of 85 Exchange Industrial Park
February 6, 2023
Trinity Capital Advisors (“Trinity Capital”), in a joint venture with Barings, one of the world’s largest diversified real estate investment managers, has closed on a major land acquisition north of Charlotte to begin development of 85 Exchange, a Class-A industrial park.
The land totals 154 acres and is less than one mile from I-85 at Kannapolis Parkway and Davidson Highway in Kannapolis, one of Charlotte’s top industrial submarkets. Development plans include approximately 1.3 million square feet of industrial space across seven buildings. Phase One comprises two buildings totaling 314,000 square feet and will begin speculative development this March, delivering 1st Quarter 2024.
“The Charlotte industrial market continues to see the need for high-quality, well-located industrial space that meets the demand of companies looking to grow their distribution network in the Southeast,” said Jordan Quinn, Partner, Industrial at Trinity Capital. “We are very excited to develop 85 Exchange and are confident that the location, design, and functionality will meet the demand of occupiers looking in the greater Charlotte market.”
“We look forward to partnering with the Trinity team on this compelling development opportunity. 85 Exchange will further advance Barings’ industrial sector strategy to develop best-in-class industrial product, at scale, in targeted Southeast markets,” said Kevin Miller, Managing Director and Head of Real Estate Equity Acquisitions – Eastern U.S.
Designed specifically to meet the needs of manufacturers, distributors, and third-party logistics firms, 85 Exchange features a range of building sizes to accommodate companies with various requirements. The Park will include abundant trailer and car parking, cross-dock loading capabilities, and high-image architecture. Its location provides excellent access to I-85 in minutes via Kannapolis Parkway or Davidson Highway, just a mile away.
Trinity Capital has been very active in industrial development across the Carolinas. The firm is currently developing close to four million square feet of industrial space from Charleston to Durham and recently wrapped development and sold Trade Park East in Charleston; a four-building, 850,000 square foot park that was fully leased before the first building delivered.
Cushman & Wakefield’s Matt Treble, Fermin Deoca, Drew Coholan, and Frances Crisler are handling leasing duties for 85 Exchange. Choate is the Park’s general contractor and Merriman Schmitt Architects is the architect.
ABOUT TRINITY CAPITAL
Trinity Capital focuses on the acquisition and development of institutional-quality commercial real estate in the southeastern United States. The firm has invested more than $4.1 billion acquiring and developing more than 28 million square feet of the most successful workplace real estate projects including CBD office towers, industrial portfolios, suburban office parks, mixed-use developments, and life science. Investments are capitalized through various Trinity Capital investment vehicles and partnerships with some of the country’s top institutional investors.
ABOUT BARINGS REAL ESTATE
Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of December 31, 2022