DURHAM, N.C.--(BUSINESS WIRE)--Aug 26, 2024--
Lovett Industrial, a Houston-based real estate investment firm, recently closed on a 27.4-acre land site and is preparing to break ground on Durham Logistics Center, consisting of 351,030 square feet of Class-A industrial space in Durham, North Carolina.
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Courtesy of MCA Architecture in Greenville, SC
Situated at a prime location facing the intersection of I-85 and I-885 in Durham, North Carolina, the Durham Logistics Center benefits from direct access to the vital transportation and logistics corridor that has fueled the growth of the Sun Belt. Additionally, the project offers exceptional access to the entire booming Raleigh-Durham MSA and its key demand generators, including the renowned Research Triangle Park (RTP) located just ten miles away.
Durham Logistics Center will feature the following Class-A specifications: 36-foot clear height, 7-inch reinforced concrete slab, 84 dock-high doors, 185-foot-deep truck court, and 86 trailer parking spaces. Groundbreaking is expected to take place in late August, and the project is slated for completion early in the fourth quarter of 2025.
Madison Jones, Director at Lovett Industrial, stated, “The Raleigh/Durham logistics market is one of the most attractive in the country for industrial investment. This is due to high entitlement barriers to entry, continued population growth, regional connectivity, and the growth of life sciences and their logistical services. We are excited to bring this much-needed Class-A inventory to the market.”
“We’re thrilled to partner with Lovett on this highly anticipated Class-A industrial space. Given the limited recent deliveries, Durham Logistics Center is poised to meet the strong tenant demand in the RTP/I-40 submarket,” says Andrew Young, Senior Vice President of Colliers Raleigh.
Marketing and leasing efforts for Durham Logistics Center will be exclusively handled by Andrew Young, Hunter Willard, and Larry Lakins of Colliers. Construction financing is being provided by Comerica Bank. Harper General Contractors, based in Greenville, SC is the General Contractor.
Durham Logistics Center is Lovett Industrial’s first industrial development in Raleigh/Durham, but second in North Carolina. Other projects in North Carolina include Orr Road, which comprises 280,200 square feet of Class-A industrial space and is expected to be delivered in the first quarter of 2025.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in over 15 markets across the United States, Lovett Industrial’s portfolio comprises approximately 16 million square feet of completed, acquired, and under-construction warehouses and over 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240826898094/en/
CONTACT: Lily Aguilar
Liliana.aguilar@lovettindustrial.com
KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA TEXAS
INDUSTRY KEYWORD: REIT BUILDING SYSTEMS OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Lovett Industrial
PUB: 08/26/2024 05:00 PM/DISC: 08/26/2024 05:02 PM
http://www.businesswire.com/news/home/20240826898094/en
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