Alexander Commerce Park in Raleigh-Durham sold
JLL Capital Markets facilitated the sale of the three-building, trophy-quality logistics portfolio located near Research Triangle Park
CHARLOTTE, Sept. 24, 2024 – JLL Capital Markets announced today the sale of Alexander Commerce Park – a three-building, 441,072 square foot trophy-quality logistics portfolio in the Raleigh-Durham MSA.
JLL represented the seller, a joint partnership between Trinity Capital Advisors and Nuveen Real Estate, in the high-profile transaction. The assets were acquired by Prologis.
The Class A portfolio is currently 100% leased to four diverse tenants, including major regional and international users. Delivered in 2023, the portfolio features best-in-class rear-load logistics facilities with 32-foot clear heights, ESFR sprinklers, LED lighting and abundant auto and trailer parking.
“This is a strategic acquisition that complements our existing Raleigh-Durham market portfolio,” said Grant Benson, VP Investment Officer at Prologis. “We remain focused on providing high quality, modern logistic facilities to support our customers operating in this market.”
Located at 1730-1760 TW Alexander Drive in Durham, North Carolina, Alexander Commerce Park is positioned along the northeastern edge of the 7,000-acre public-private Research Triangle Park, one of the country’s most successful dedicated research parks that retains a multitude of Fortune 500 firms and has an industrial submarket occupancy of greater than 99%.
The JLL Investment Sales and Advisory team was led by Senior Managing Director Pete Pittroff, Senior Director Dave Andrews and Associate Zachary Lloyd.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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 $4.5 billion acquiring and developing more than 30 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.