Summit Real Estate Group is pleased to announce that it has closed on a 106-acre industrial site in Raleigh, NC. Acquired on behalf of Summit’s Arrowrock US Industrial Fund IV, the three-phase development project will be known as US-1 North Commerce Center and include a multi-building industrial park representing approximately 1,382,400 square feet.
Raleigh-Durham is the fastest growing metro in the southeast United States and five-year projections well exceed the national rate. Located on the southern edge of the Franklin County industrial submarket, the site is 0.2 miles from U.S. Highway 1 which connects south to Raleigh (approximately 12 miles to the I-540 outer belt) and north to I-85 (approximately 27 miles). Nearby Wake County (North Carolina’s most populated county) has seen its population growth move northeast along U.S.-1 into the site’s Franklin County location. US-1 North Commerce Center is uniquely positioned to serve north Raleigh and the growing businesses and households along the U.S.-1 corridor.
US-1 North Commerce Center seeks to attract tenants that serve area manufacturing, distribution, and industrial services companies. Phase I is to include two Class A multi-tenant warehouses with building depths of 210’ – 260’ and 185’ truck courts that include trailer spaces. Summit anticipates starting construction on Phase I Q2 2023 and delivering its two buildings Q1 2024.