Research Triangle Logistics Park breaks ground; the five-building park reaches a new milestone in Orange County industrial development.

Research Triangle Logistics Park March 5, 2024

The 162-acre industrial hub is scheduled to deliver nearly 450,000 square feet in Q3 2025.

Raleigh, NC – Avison Young, together with Barrister Commercial Group and Terra Equity I, LLC, today announced the construction commencement of the Research Triangle Logistics Park (RTLP), a 162-acre Class A industrial development in Hillsborough, North Carolina.

RTLP is Orange County’s newest and largest logistics park, located at the southwest corner of Interstate 40 and Highway Old NC 86, along newly named Diversity Drive. The five-building park will provide up to 2.4 million square feet (msf) of premier industrial space in phased construction. Currently underway, Phase One will feature over 1,350,000 square feet (sf) in three buildings comprising 163,000 (sf), 275,000 (sf) with both scheduled to deliver in Q3 2025 and a pad-ready site for an additional 915,000 (sf).

Jack Graham, Principal and Bill Aucoin, Vice President both based in Avison Young’s Chapel Hill, North Carolina office are providing leasing and consulting services for the logistics park on behalf of their client Barrister Commercial Group.

According to the latest Avison Young industrial market report, the Raleigh-Durham industrial market maintained stability in 2023, with robust demand fueling the construction of new industrial spaces. Despite nearly 4 (msf) of new space, the total vacancy at the end of Q4 2023 stood at a remarkably low 4.3%. This consistent demand, mirrored in steady leasing volumes comparable to previous years, underscores a positive market outlook for 2024.

“Our team is thrilled to work on a project of such magnitude. It’s been remarkable to witness the site development and to work alongside the ownership, Orange County Economic Development, and the Town of Hillsborough to make it a reality. There is a strong demand from industrial users, and we are looking forward to marketing and leasing the space,” said Aucoin.

As part of the new development due diligence, the ownership secured a new zoning designation, Master Planned Development - Conditional Zoning (MPD-CZ), in 2020, and acquired the land in 2023. The comprehensive rezoning effort involved multiple public meetings, gathering insights from local residents, Orange County personnel and commissioners, Hillsborough town officials and staff, as well as a developer consulting team.

“This park represents our commitment to innovation and dedication towards advancing the central Piedmont Region. Far from being a mere addition, it is a modern, sophisticated hub for warehousing, distribution, manufacturing, and assembly that anticipates and exceeds our customers' needs," said Frank A. Csapo, founder and CEO, Barrister Commercial Group.

Strategically located just west of the Research Triangle, the industrial site is within 200 miles of three major shipping ports and located on an I-40 interchange that is 3 miles away from the intersection of I-40 and I-85. Anticipated to draw businesses that serve an extensive market, from Clayton in the east to the Triad in the west, the area reaches nearly 4 million consumers within a 45-minute drive. Modern in design, RTLP is expected to house operations in light industrial, clean energy, assembly, warehousing, distribution, data center, cold storage, and research and development.

“Barrister Commercial’s new Research Triangle Logistics Park in Orange County is set to become one of the largest business parks in the Raleigh-Durham and Research Triangle market. The park will now enable commercial land development within the County’s economic development district, located south of I-40 and Hillsborough, with newly established water and sewer utilities, consequently creating new jobs and opportunities for both our county and the broader region, and we are extremely excited about that,” added Steve Brantley, Economic Development Director, Orange County, North Carolina.

RTLP is located within an Economic Development District (EDD) established decades ago by Orange County to foster commercial growth. The development is anticipated to generate significant employment opportunities and bolster the commercial property tax base.

About Barrister Commercial Group

Barrister Commercial Group is a diversified real estate company that is engaged in acquisition, development, management and advisory services.

Barrister employs a fundamental, value-driven investment strategy and invests alongside institutional and private clients in a broad range of real estate and real estate-related assets.

With extensive experience in sourcing, executing and managing real estate transactions with experience that encompasses more than 5,000 multi-family units, 2,500,000SF of office space, 2,000,000SF of mixed-use and 3,000,000SF of industrial space, Barrister focuses on mixed-use, retail, multifamily, industrial, office and hospitality asset classes.

Our investments are designed to preserve and grow our limited partners' capital, provide financial security for our institutional and individual investors, and contribute to overall economic growth.

We seek to create positive economic impact and long-term value for our investors, the companies we invest in and the communities in which we work.

Barrister Commercial Group invests in all levels of the capital structure that have controlled downside risk, while seeking to generate attractive risk-adjusted returns with upside potential through ground-up development, capital appreciation and strategic asset repositioning where it has intimate knowledge of the market and the position of each asset.

About Avison Young

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

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  • Sandra Hill, Manager, U.S. Media Relations: +1.281.853.5548