The buildings will round out Trinity Capital’s Eastgate 540 industrial park at Interstate 540 in Raleigh’s East Wake submarket. The new buildings join three existing structures in the complex and will bring the park’s total size to 980,000 sq. ft.
The first building is a build-to-suit project for the park’s newest tenant, PCX Corporation.
The company in the modular electrical distribution and power systems manufacturing space, recently signed a lease to occupy the entire 159,600 sq. ft. building. The remaining two buildings, each measuring 120,000 sq. ft., are under construction with leases in progress.
“We had a strong belief in both the product and the market when we acquired the Eastgate 540 asset in 2019, and the activity we’ve experienced has exceeded our expectations. We have great confidence in what’s ahead and firmly believe that Frampton, with their industrial background, is well-positioned to deliver,” said Jeff Sheehan, partner at Trinity Capital Advisors.
Joey Smith, vice president of Frampton Construction, said in a statement: “Our team is excited to help Trinity bring the Eastgate 540 park to its full capacity with the construction of these final three buildings. With PCX signing on and a strong record of leasing activity in the park, it’s clear there’s significant momentum in the Raleigh industrial market, and we’re ready to build on that.”