Research Triangle Logistics Park is located within a 200-mile radius of three major ports. Image courtesy of Avison Young
Barrister Commercial Group, in partnership with Terra Equity I LLC, has begun construction on Research Triangle Logistics Park, a 162-acre Class A industrial project in Hillsboro, N.C. When completed, the campus will consist of five buildings totaling 2.4 million square feet.
Avison Young Vice President Bill Aucoin and Principal Jack Graham will provide leasing and consulting services on behalf of the owner.
The first phase of the development will cover more than 1.4 million square feet across three buildings.
The developer purchased the land from multiple sellers for a total of $7.4 million, according to Orange County public records, and Stock Yards Bank & Trust provided $3.5 million in construction financing, the same sources said.
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The first two buildings currently under construction at Research Triangle Logistics Park will be 275,000 square feet and 163,000 square feet, respectively, and are scheduled for delivery in the third quarter of 2025. Planned amenities include 60-foot speed bays, ESFR sprinkler systems, 36-40 foot clear heights, 400 dock door locations, 237 trailer parking spaces, 1,000 vehicle parking spaces, with room for expansion.
Phase one will also include land for an additional 915,000 square feet of buildings. Phase two of Research Triangle Logistics Park will include two more buildings totaling 845,000 square feet.
The development is located at the southwest corner of Interstate 40 and Old North Carolina Route 86, in the heart of the Raleigh-Durham market and on the western edge of the Triangle market. The campus is located within 26 miles of Raleigh-Durham International Airport and 56 miles of Piedmont Triad International Airport. Other nearby transportation hubs include Charlotte Douglas International Airport, the Port of Wilmington, the Port of Charleston and the Port of Savannah.
Numerous projects coming to the Research Triangle
According to a recent report from Avison Young, the Raleigh-Durham industrial land market is seeing a decline in construction starts in 2023 while adding approximately 4 million square feet of industrial space to its inventory. Additionally, deliveries have been consistently increasing since 2021, with the market's vacancy rate hitting a low of 4.3% in the fourth quarter of last year.
Recent industrial developments in the market include VinFast's electric vehicle manufacturing facility in Chatham County, North Carolina. The $4 billion project is the largest economic initiative in the state's history. The 2.8 million square foot EV factory is scheduled to begin operations next year.
Last April, Welcome Grounds began construction on a 1.3 million-square-foot industrial campus in Durham, N.C. Welcome Venture Park was designed to house a variety of businesses, including warehousing, logistics, life sciences and technology users.