LaSalle Buys Raleigh-Durham Industrial Asset
Rockpoint and Oppidan Investment Co. have sold the 233,818-square-foot Building I at their $100 million Apex Commerce Center, a four-building industrial property in Apex, N.C. LaSalle Investment Management acquired the Class A asset, while JLL represented Rockpoint.
The duo broke ground on the 847,171-square-foot park in 2022. Building I came online one year later. Apex Commerce Center’s other three facilities are slated for occupancy between July and September 2025.
The rear-load Building I features 32-foot clear heights, 60-foot speed bays and 180-foot truck courts. Two drive-in doors are available, as well as 12 dock-high doors with the option of adding an extra 37.
READ ALSO: Industrial Demand Slips, But Avoids a Slump
Located at 1251 Burma Drive, the facility is about 6 miles from North Carolina Route 540, which is currently undergoing an expansion meant to extend the thoroughfare, looping around the Greater Raleigh area. The Research Triangle Park and the Raleigh-Durham International Airport are roughly 21 miles north.
JLL Senior Director Dave Andrews and Senior Managing Director Pete Pittroff led the team that represented Rockpoint in the transaction.
Rockpoint’s industrial strategy
Earlier this month, Rockpoint and Portman Industrial disposed of Camp Hall Commerce Center’s Campus 4, a 1.2 million-square-foot facility in Ridgeville, S.C. Stockbridge acquired the asset, which was fully leased to Volvo at the time.
Last month, Rockpoint sold its interest in a two-asset industrial park totaling 243,000 square feet in Otay Mesa, Calif., next to the Mexico border. The firm developed the campus in partnership with Badiee Development—which subsequently purchased it.
Raleigh-Durham’s steady industrial investment
Greater Raleigh-Durham witnessed a spike in industrial transactions during the third quarter, a CBRE report shows. Prologis was active in the market with the $80.2 million acquisition of the Alexander Commerce Park in September. Trinity Capital Advisors and Nuveen Real Estate sold the 441,072-square-foot campus.
Stoltz Real Estate Partners—as part of a 25-asset portfolio deal spanning Tennessee, Georgia and North Carolina—purchased two properties in Raleigh-Durham from Dogwood Industrial Partners. Spanning 820,000 square feet, the duo traded for $97 million.
The metro’s industrial vacancy rate dropped 20 basis points quarter-over-quarter—the first tightening since June 2023—landing at 5.9 percent in September, the report goes on to show. The decrease may be attributed to Raleigh-Durham’s industrial pipeline, which prior to the third quarter reached its lowest level since the first half of 2021.
The post LaSalle Buys Raleigh-Durham Industrial Asset appeared first on Commercial Property Executive.
