Phase I of TIP West at Triangle Innovation Point in Raleigh Delivers

RALEIGH, N.C. (March 4, 2024) – JLL today announces the completion of a 340,000-square-foot facility occupied by FedEx Ground at Triangle Innovation Point, a life sciences, advanced manufacturing and industrial park in New Hill, North Carolina, a submarket outside of Raleigh. The delivery represents Building One within TIP West, a section of the larger industrial campus that has the capacity to accommodate an additional 2 million square feet of new development. JLL Managing Directors Matt Winters and Al Williams handle marketing and leasing for the park in partnership with Brian Hall, President of Real Estate for Samet Corporation on behalf of ownership, a joint venture between Samet Corporation, Lee-Moore Capital and a Denver-based family office.

Since last year, the team has invested heavily in preparing TIP West for future development, which includes significant grading, clearing and utility work. With Building One complete, the site now features a 1 million-square-foot pad with heavy power ready for lease. In addition, the park offers development opportunities for buildings ranging from 100,000 to 1 million square feet. Notably, new buildings at the site can deliver within 12 months of lease commitment. A video showcasing the site's unique advantages can be found here.

“Triangle Innovation Point is an exceptional opportunity for high-growth industrial, manufacturing or life sciences users to tap into Raleigh’s hotbed of innovation,” said JLL’s Winters. “As we head into the second phase of TIP West, the new development opportunities will provide tenants with a distinct competitive advantage through unrivaled speed to delivery and a strategic location immersed in the heart of Research Triangle Park.”

Spanning 450 acres, Triangle Innovation Point is easily accessible from multiple existing interchanges on US Highway 1. The site is within 13 miles of NC 540 and less than 25 miles of I-40 and I-440. A CSX line runs along the northern edge of the property, with Norfolk Southern and CSX rail lines intersecting just southeast of the site. Furthermore, Triangle Innovation Point is ideally located between five East Coast deep water ports which can be accessed by road or rail.

“Triangle Innovation Point is ideally positioned to capitalize on RTP’s explosive growth, access to tier one research universities, an educated workforce and superior regional connectivity,” said Brian Hall, president of real estate for Samet. “We know the site has incredible potential for users that know how important it is to act fast in this market, so we’ve focused heavily on getting the new parcels ready for development. In TIP West’s next phase, we are confident that we will continue to see strong interest from prospective tenants, especially in the biotech and manufacturing sectors.”

According to JLL’s Q4 2023 Industrial Insight, limited availabilities and new construction continue to fuel positive rent growth in Raleigh. Furthermore, a 32.2% preleasing rate from last quarter indicates that tenant demand remains strong for well-located new development. Looking ahead, Raleigh’s industrial market is expected to maintain its momentum, driven by industry diversity, a strong labor pool and population growth across the Triangle.

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