New Industrial Expansion Delivers Much Needed Space in Durham
Strategic Capital Partners Announces Patriot Park Phase II
November 25, 2019 – Indianapolis – Indianapolis-based Strategic Capital Partners, LLC (“SCP”), a commercial real estate development firm, and Westminster Capital, LLC (“Westminster”) announced they are launching Phase II of Patriot Park – its 80+ acre industrial park in Durham, North Carolina.
Phase II will deliver 375,000 square feet to the market in two industrial spec buildings of 187,500 square feet each. The new buildings, which follow the 2018 completion of Phase 1, will be located at 5 National Way and 47 National Way. When fully completed, Patriot Park will total approximately 850,000 square feet in five buildings.
Patriot Park’s strategic location at Miami Boulevard and Patriot Drive in the RTP/RDU airport submarket provides outstanding access to Interstate 40 and Highway 147/Durham Freeway. The submarket has 10 million square feet of industrial space and a vacancy rate of less than 2%.
SCP’s CEO, Richard Horn, is bullish on demand for Class A industrial space in this submarket. “The RTP submarket is quite strong and is the preferred location for most companies seeking modern industrial facilities in the greater Raleigh area.”
“We expect Patriot Park Phase II will be as successful as the Phase I buildings due to the low vacancy of the Raleigh market and the state-of-the-art facilities we are building with our longtime partner, SCP.”
The Patriot Park development team includes local and national firms: Development and Construction Insight, LLC (Raleigh) is the construction manager, and ARCO (St. Louis) is the general contractor. Professionals from Paul Woody Architecture, Inc. (Charlotte, NC) and Capital Civil Engineering, PLLC (Apex, NC) round out the team building Phase II. First Horizon Bank is the construction lender and Foundry Commercial will lease and manage the project.