Trinity, Nuveen Pay $80M for Triangle Logistics Portfolio

Trinity Capital Advisors and Nuveen Real Estate have unloaded Alexander Commerce Park, a three-building, 441,072-square-foot logistics portfolio in Raleigh-Durham’s Research Triangle Park. The property sold for $80.2 million. The park, delivered in 2023, is 100% occupied by four tenants, including Upper Deck, Wolfspeed, Wesco, and Running Logistics. Prologis was the buyer.

Trinity has been busy in the Triangle region. Over the past 10 years, the firm has acquired or developed over 9.0 million square feet of office, industrial, and life science assets totaling $2.2 billion in capitalization. Major projects include Eastgate 540 (980,000 square feet across six industrial buildings), 147 Exchange (274,370 square foot industrial building), Park Point (645,000 square foot adaptive reuse life science park), Spark LS (1.7 million square foot life science campus), and Southport Innovation Center (911,000 square foot life science/flex manufacturing campus).

Pete Pittroff, Dave Andrews, and Zachary Lloyd led the JLL Investment Sales and Advisory team representing the seller.