Research Triangle Portfolio Trades for $47M

Wigeon Capital has sold Greenfield 27, a three-building, 260,000-square-foot Class A industrial park in Garner, N.C., within the South Raleigh submarket, for a combined $47.3 million. Cushman & Wakefield and NAI Tri Properties negotiated the deal on behalf of the seller and developer.

Greenfield 27 consists of Building 1, at 600 S. Greenfield Parkway, and Buildings 2 and 3, at 4101 and 4501 Waterfield Drive. All three properties came online in 2023.

Building 1 comprises 160,380 square feet and features 32-foot clear heights, ESFR sprinkler systems, two grade-level doors, 32 dock high doors and 177 vehicle parking spots. Wake County Board of Alcoholic Beverage Control acquired the industrial property for $27.5 million.

The 57,600-square-foot Building 2 and the 44,800-square-foot Building 3 both offer ESFR sprinkler systems, 32-foot clear heights, 18 and 14 dock-high doors, respectively, as well as a total of 190 vehicle parking spots. The buyer was Foxfield Real Estate, which picked them up for $19,8 million. Principle Financial Group originated an $11.8 million acquisition loan, with a maturity date set for 2028, according to CommercialEdge.

Additionally, both industrial properties are fully leased to Acousti Engineering and Southern Staircase, which occupy Building 3, while The Macomb Group fully leases Building 2.

Greenfield 27 sits on a 27-acre lot, allowing immediate access to Interstate 40 and State Highway 70. The three-building industrial campus is 11 miles from Raleigh, N.C., 26 miles from Raleigh-Durham International Airport and within 37 miles of Durham, N.C.

Cushman & Wakefield’s Net Lease Group team that worked on behalf of the seller includes Executive Managing Director Christopher Sheldon, Executive Directors Doug Longyear and Andy Bogardus, while NAI Tri Properties’ Executive Vice President Jimmy Barnes also assisted in both transactions.

Industrial projects currently under construction

There are multiple industrial projects currently underway in the Raleigh-Durham metro. Among them is Research Triangle Logistics Park, a 162-acre Class A industrial campus in Hillsborough, N.C. Developers Barrister Commercial Group and Terra Equity I LLC started construction on the 2.4 million-square-foot project in March.

During the same period, the first building at Triangle Innovation Point in New Hill, N.C., was completed by a partnership between Samet Corp., Lee-More Capital and a Denver-based family office. The 340,000-square-foot facility is fully leased to FedEx Ground and is part of the the master-planned project’s first phase, which can accommodate as much as 2 million square feet of space.