A portfolio of industrial properties in North Carolina’s Triangle region has changed hands for $554.9 million, underscoring the area’s continued appeal to investors seeking a foothold in the booming warehouse and logistics sector. The transaction, reported by Business Journals based on deed records for Wake and Durham counties, marks one of the region’s largest industrial real estate deals in recent years.
The buyer, New York-based investment management firm Town Lane, acquired six industrial parks from Equus Capital Partners and Partners Group. The properties, which were recapitalized for $414 million in 2021, take up more than 2.6 million square feet of light industrial space and are located across Raleigh and Durham. Five of the locations—Lincoln Park South, North, East, Central and Sumner Business Park—are situated in Raleigh, while Presidential Park West is located in Durham.
Town Lane completed the acquisition through its first real estate fund, which raised $1.25 billion earlier this year. The purchase was executed in seven separate transactions, according to deed records.
Recommended For You
A spokesperson for Town Lane told the Business Journals that the company was drawn to the Triangle’s industrial market due to strong demand and favorable market conditions. The firm specializes in infill, shallow-bay industrial properties that serve local businesses and the regional economy. The investment manager plans to invest further in the properties, with “value-add” improvements aimed at supporting current tenants and attracting new leases. Some sites also have potential for additional development, which the company is considering as part of its long-term strategy.
At the time of the sale, the portfolio was 94.4 percent leased, according to Equus Capital. Tenants include a mix of logistics, manufacturing, and service companies such as Syntegon, Omnicare, Keyston Bros, Mayhem Motorsports, CLT Air Freight, and Brinks.
The Triangle’s industrial market has remained resilient, with high sale prices and a vacancy rate of just over seven percent in the first quarter, according to TBJ Space data. Developers continue to add new inventory, often leasing space before construction is complete—a testament to the region’s ongoing growth and its importance as a logistics and distribution hub in the Southeast.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
