Connecticut Firm Takes 150,000 SF for Three Years at Durham Park

DURHAM, NC-USCO Logistics of Connecticut has signed a three-year lease for 150,000 sf of warehouse space in the 456-acre, 3.5 million sf Imperial Center. The transaction has an estimated value of $2.25 million and is one of the largest this year at a Triangle warehouse.

The area’s average quoted rental rate for warehouse space is $5.31 per sf, about half the rate for flex.

USCO provides distribution and storage services globally. The new lease will enable the company to handle an expanded distribution contract with Nortel Networks, a major client and a tenant at the park.

Imperial is near Research Triangle Park. Glaxo Wellcome, IBM and Quintiles Transnational are also tenants at Imperial.

USCO also rents about 465,000 sf of warehouse space at Teer Development Park in Durham to serve Glaxo Wellcome. Principal Financial Group of Des Moines, IA is the majority owner of Imperial Center. TriProperties of Durham, which manages and develops the center, plans to build another 150,000-sf warehouse that will open next year.