272,282 SF Durham Industrial Facility Disposition

February 23, 2018

Trinity Capital Advisors has sold 3508 Tricenter Boulevard to Dalfen America Corporation. The commercial real estate development firm owned the 272,282 SF industrial asset in a joint-venture with SilverCap Partners.

Chris Norvell (Senior Managing Director) and Patrick Nally (Director) with HFF represented the seller.

Trinity Capital acquired the asset in 2016 at 53% occupancy. Significant capital improvements to the facility were implemented, which increased functionality through additional docks and store front space. In turn, this drove occupancy to 100%.

“Tricenter presented an ideal value-add opportunity for Trinity Capital,” noted Jeff Sheehan, Partner at Trinity Capital Advisors. “Our improvements were strategic and deliberate, allowing the building to better meet market demands for functionality. We attracted the right user, and successfully executed the investment’s repositioning.”

3508 Tricenter Boulevard’s rear-loading configuration features 31 dock-high loading doors, 22-foot clear heights, 150-foot truck court, and parking space for 24 trailers. Current tenants include Amcor Rigid Plastics and HatchBeauty Laboratories.

“We’ll continue to look for similar investment opportunities that take advantage of last-mile industrial assets with a value-add play,” Sheehan said. “The Triangle’s industrial market is one of the tightest in the country. We’ll continue to hunt for diamonds-in-the-rough like Tricenter where we can apply our expertise to assets that make them the right fit for current market demands.”

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 $1.8 billion acquiring and developing over 13 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.

SilverCap Partners is a real estate private equity firm focused on the Southeastern United States. The firm’s expertise crosses multiple property sectors with a predominant focus on office, retail, and residential investments. SilverCap places a priority on opportunities where a combination of capital and operational expertise can serve as a positive catalyst for future value.