Development begins at Alexander Commerce Park in Durham’s RTP
January 5, 2021
Trinity Capital Advisors has acquired 48 acres of land at TW Alexander Drive in Durham’s Research Triangle Park where the firm will begin development of Alexander Commerce Park, a Class-A industrial business park.
Alexander Commerce Park is RTP’s first speculative industrial development announced in several years. Construction will begin in late second quarter of 2021, with an expected completion date of late fourth quarter 2021. The Park will feature three tilt-wall buildings, with the largest being 189,280 SF and two twin buildings at 126,000 SF each, totaling 441,280 SF.
“We have been tracking this site for quite a while now,” said Massie Flippin, Partner at Trinity Capital. “We consider it to be the best industrial site in the region. The location at the epicenter of the Triangle, the lack of available product, and proximity to major highways and transportation corridors will make it very attractive to a diverse group of users.” Flippin added that the Park will target light industrial, advanced manufacturing, pharma, and distribution tenants.
Designed by DMA Architects, the buildings will feature 32’ clear heights, ESFR fire protection, and three primary entrances along each façade to allow for easy subdivision for multiple tenants. Kimley Horn is the project’s civil engineer. Trinity Capital has hired CBRE’s Ann-Stewart Patterson, Bryan Everett, and Austin Nagy to handle leasing.
This is Trinity Capital’s second land acquisition and industrial development in the past two years. The firm acquired north Raleigh’s Eastgate 540 in 2019 and recently announced they have begun development of the Park’s final three buildings. Upon completion, Eastgate 540 will total 980,000 SF across six buildings, with 830,000 SF of the space developed between May 2019 and August 2021. Trinity Capital is actively working new industrial developments in Charlotte, Charleston, and Savannah.
“We are long-term believers in the Triangle and the industrial asset class,” Flippin said. “Our tremendous success at Eastgate 540 has generated fantastic momentum to carry us into 2021 as we develop Alexander Commerce Park, while continuing to evaluate other opportunities across the region.”
In addition to Trinity Capital’s industrial development, the firm is also completing the redevelopment of Park Point, a $160 million adaptive re-use project in RTP.
“Clearly we’re very bullish on the Triangle,” said Jeff Sheehan, Partner at Trinity Capital. “The market continues to remain attractive to users from all over the country because of the quality of life and access to top talent. We plan to continue having a significant presence within the Triangle in the years to come.”