Real estate firm buys Wendell land for $250M development - Triangle Business Journal
A real estate firm just spent $25 million for land in eastern Wake County that's primed for a huge industrial development. Summit Real Estate Group of St. Louis has purchased 189.16 acres in Wendell Commerce Center for $250M, purchasing the land from Oppidan Investment Company of Minnesota. The company plans to develop the entire industrial portion of the development, totalling 1.8 million square feet spread over eight buildings. The first phase of the project will begin in July, with delivery of the first building set to take place in October 2025. The industrial buildings will have 32-foot clear heights and be constructed for companies needing warehouse, distribution or light manufacturing space. The property, which has an assessed value of about $8.3 million, will also have about 200,000 square feet of commercial and retail space and 650 multifamily units.
发表 : 10 个月前 经过 Kayli Thompson 在 Business Finance
A massive industrial project in eastern Wake County is starting to take shape.
A commercial real estate company has spent $25 million to buy land reserved for a huge industrial development in eastern Wake County.
Summit Real Estate Group of St. Louis bought 189.16 acres within the Wendell Commerce Center, according to Wake County deed records. The company acquired the land from Oppidan Investment Company of Minnesota, which had assembled more than 257 acres to build a mixed-use industrial park where Highway 64 meets Interstate 87.
Summit found out about the opportunity to purchase the property in fall 2023 and submitted an offer by the end of the year. Jimmy Howe, director of investments for Summit, said the company has had its eye on eastern Wake County for the past few years, with a particular interest in Wendell.
Summit Real Estate Group will develop the entire industrial portion of the development, totaling 1.8 million square feet spread over eight buildings. Jimmy Howe, director of investments for Summit, said the development will cost about $250 million.
The first phase encompasses three buildings. Site work will begin in July with delivery of the first building in October 2025. The first building will be 101,010 square feet with 34 dock doors; the second building will be 132,720 square feet with 40 dock doors; and the third building will be 260,000 square feet with 68 dock doors.
All of the industrial buildings will have 32-foot clear heights and be constructed for companies needing warehouse, distribution or light manufacturing space.
There will be two additional phases to complete the industrial portion. After phase one is done, the other phases will take about five years to finish.
Summit is fully capitalized for site construction, and Howe said it will work with one of its institutional investment partners for each phase.
Howe said the company is excited about its proximity to the upcoming Wake Tech East campus and future partnerships with the college, especially regarding new programs the college will start offering in 2026 that are associated with manufacturing.
Jim Allaire and Alexis Lambeth from Foundry Commercial will handle the leasing and/or building user sales of the property.
The property has an assessed value of about $8.3 million.
Wendell Commerce Center will also have about 200,000 square feet of commercial and retail space along with 650 multifamily units.
话题: Real Estate