News
Foundry Commercial Assigned Leasing at Three-Phased Industrial Project
Raleigh, N.C. (June 6, 2024) – Summit Real Estate Group is pleased to announce it has closed on a 190-acre land acquisition for Wendell Commerce Center in Wendell, North Carolina. This milestone marks the first of three development phases for an expansive industrial project that will eventually encompass 1.8 million square feet. Site work for the project is slated to begin in mid-July, with the first phase expected to be completed by October 2025.
The initial phase of Wendell Commerce Center will feature three state-of-the-art industrial buildings, totaling approximately 493,000 square feet. Upon completion, the entire site will include eight industrial buildings, strategically constructed over three phases. Spanning approximately 190 acres, the Wendell Commerce Center is prominently positioned in East Wake County and the City of Wendell, the fastest growing community in the Raleigh MSA.
“We are very excited to continue our investment in the Raleigh-Durham market with our second industrial park,” stated Jimmy Howe, Director of Investments for Summit. “Our experience with Wake County and the City of Wendell has been excellent, and we look forward to a long and rewarding relationship for all.”
Jim Allaire and Alexis Lambeth from Foundry Commercial have been selected to lease or negotiate building user sales at the property. Their extensive expertise in industrial leasing and sales will be instrumental in attracting a diverse range of tenants to the Wendell Commerce Center. The site boasts excellent access and connectivity to major interstates including I-87, I-540, and US 64, making it an ideal location for industrial operations.
“Wendell Commerce Center is exceptionally well-positioned as the East Wake submarket continues to expand,” said Alexis Lambeth, Partner of Industrial Services for Foundry Commercial in Raleigh. “The scarcity of zoned land in nearby Knightdale, Garner, and Raleigh, coupled with strong absorption and limited new construction options, makes this development a timely and highly attractive option for businesses seeking modern industrial space.”
Wendell has emerged as a prime location for new industrial development due to its strategic location and the availability of suitably zoned land. The completion of Wendell Commerce Center will not only meet current market demands but also contribute to the long-term economic vitality of the region.
For more information about Wendell Commerce Center and leasing opportunities, please contact Jim Allaire (jim.allaire@foundrycommercial.com) or Alexis Lambeth (alexis.lambeth@foundrycommercial.com).