Trinity Capital begins disposition process at Eastgate 540 with the sale of three buildings
July 27, 2021
Trinity Capital Advisors has sold three buildings at Eastgate 540 to BentallGreenOak, beginning the disposition process for the seven-building park. Agreements are in place for BentallGreenOak to acquire the four remaining buildings, currently under construction, in August, October (2021), and April (2022) as they complete construction and delivery.
“We are tremendously proud of our team and their efforts at Eastgate 540,” noted Jeff Sheehan, Partner at Trinity Capital. “The remarkable success we’ve experienced has allowed us to exit four years ahead of schedule. It’s a great example of our industrial expertise and commitment to identifying and developing high quality industrial product.”
The Class-A industrial park, located in Raleigh’s East Wake submarket, totals 1.2 million square feet and is home to respected companies including Eby-Brown, Ernest Packaging, Highland Cabinetry, PODS, and MSI. Eastgate 540 is one of the most successful large-scale industrial developments in Raleigh-Durham’s history, experiencing sustained leasing momentum since its acquisition in May 2019. The park’s three existing buildings and additional three buildings currently under construction are 94% leased. Preleasing is currently underway for the last building, totaling 204,000 SF and delivering in May 2022. Jackson Rives, Principal at Foundry Commercial, handled leasing duties for the park. Trinity Partners served as property management. Both firms will be retained by new ownership.
JLL’s Southeast Industrial Capital Markets team is representing Trinity Capital in the disposition process, led by Patrick Nally, Managing Director, Pete Pittroff, SIOR, Senior Managing Director, and Dave Andrews, Director.
Trinity Capital will continue focusing on the growth of its industrial platform. The firm is currently developing Alexander Commerce Park and 147 Exchange, two industrial projects in Durham totaling over 715,000SF; TradePark East, an 850,000 SF Class-A Industrial development in Charleston’s Palmetto Commerce Park; and Delta Industrial Park, a 650,000 SF industrial project just outside of Charlotte.
“Eastgate 540 is one of Trinity Capital’s seven industrial projects, totaling 4.6 million square feet, at various stages of development or predevelopment. Our execution on EastGate 540 is a testament to robust tenant demand of industrial and the Raleigh market, and speaks to the quality of our internal and external project team. We look forward to continuing to expand the Trinity Capital industrial platform across the Southeast, region,” said Walker Collier, Partner at Trinity Capital. “We’re continuing to source unique investments and developments that allow us to take advantage of our entrepreneurial approach and deep industrial expertise.”