Trinity Capital acquires Eastgate 540 in Raleigh’s East Wake Submarket; begins development of 150,000 SF speculative industrial building
May 7, 2019
Raleigh, North Carolina – May 7, 2019 – Trinity Capital Advisors recently acquired Eastgate 540: a 150,000 SF Class-A industrial building and additional development acreage in Raleigh’s East Wake submarket and has begun speculative development of an additional 150,000 SF Class-A industrial building onsite (expected completion date of December 2019). Eastgate 540 is located at the intersection of the NC 64 Bypass and I-540 at Hodge Road (2309 Hodge Rd in Knightdale). Ultimately, Trinity Capital will build just under 1 million square feet at the park.
CBRE’s Raleigh Land Services group, including Chester F. Allen, Barry Bowling, Carlton Midyette III, and Tiffany Hilburn, represented the Trinity Capital in the transaction.
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.
“We are firm believers in the growth and long-term viability of the industrial asset class,” noted Jeff Sheehan, Partner at Trinity Capital. “The Triangle’s population growth, leasing momentum, and favorable macro-economic factors support the acquisition and our plans for future development on the site. We’re very pleased with the interest we’ve received so far and look forward to developing Eastgate 540 into a thriving industrial park in an ideal logistics location.”
Eastgate 540’s existing 150,000 SF building was vacant prior to closing but is now 31% occupied after Francini Marble & Granite leased 46,500 SF of space.
“The Francini lease is a great example of the momentum and interest we’re seeing at Eastgate 540 and in the market in general,” added Sheehan. “Tenant needs continue to evolve as e-commerce, distribution, and logistics grow. We’re looking forward to developing modern, flexible buildings within the park that meet the needs of a variety of tenants within the asset class.”
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 $2.3 billion acquiring and developing more than 18 million square feet of the most 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.