#United States #Durham #Ares Management #Hines #Parkside Commerce

Introducing the Parkside Commerce Center

The Parkside Commerce Center is set to become a landmark in industrial real estate as construction officially begins on this ambitious project in Durham, North Carolina. Managed by Foundry Commercial on behalf of Hines and Ares Real Estate, this Class-A development is a significant addition to the rapidly growing Research Triangle Park (RTP) area.

Project Overview

Scheduled to span 809,141 square feet across four buildings, Parkside Commerce Center will specifically cater to a range of business needs. This facility will not only serve high-tech firms engaging in advanced manufacturing and biomanufacturing but will also accommodate traditional warehousing, distribution operations, and the flourishing e-commerce sectors.

Strategic Location

The Parkside Commerce Center enjoys a strategic location with immediate access to major highways, including I-40, I-540, Hwy 147, and the I-85 corridor. This prime positioning enhances its connectivity and accessibility, making it an ideal location for business operations in the region.

Construction Timeline

The development will be rolled out in two phases. Phase I is particularly notable, with a projected completion date in the fourth quarter of 2027. This phase will include two rear load facilities totaling 521,548 square feet with impressive 36-foot clear heights:

• - Building 1 at 4360 Silicon Drive: 237,824 square feet with 63 trailer stalls
• - Building 2 at 4340 Silicon Drive: 283,724 square feet with 63 trailer stalls

As for Phase II, it will encompass two additional buildings, which are planned as follows:

• - Building 3 at 4300 Silicon Drive: 172,289 square feet
• - Building 4 at 4320 Silicon Drive: 115,304 square feet

Both buildings in Phase II will feature 32-foot clear heights, aligning with modern industrial standards and ensuring functionality and efficiency for tenants.

Market Demand

Jeff Stephens, SIOR, and Partner at Foundry Commercial, expressed enthusiasm about the project, stating, _“We’re thrilled to partner with Hines and Ares to bring this best-in-class industrial development to market.”_ He pointed out that the RTP/I-40 submarket has seen a persistently low Class A vacancy rate in recent years. With Parkside Commerce Center, they aim to address the growing demand for quality industrial space in the area.

This development is anticipated to offer businesses not only a premier location but also functionality and scalability—a combination that is increasingly sought after in today’s commercial real estate market.

About the Developers

Foundry Commercial is a well-respected name in the realm of commercial real estate services and investment, known for its operations across diverse asset classes, such as office, retail, and industrial properties. With over 5,000 associates, Foundry manages an expansive footprint, executing over $2 billion in leasing, tenant representation, and investment sale transactions annually.

Hines, a global real estate investment manager, operates with a portfolio worth $91.7 billion across various asset types, showcasing a commitment to developing and managing distinguished real estate.

Ares Management Corporation, a leader in alternative investments, manages over $644 billion of assets, providing clients with extensive investment solutions and aiming to advance their stakeholders' goals through innovative capital solutions.

Conclusion

As construction progresses on the Parkside Commerce Center, anticipation builds in the Raleigh-Durham area for what promises to be a game-changing industrial facility. With its modern design, strategic location, and broad appeal, this project is poised to make a significant impact on the local economy and meet the rising demand for quality industrial space. As businesses look to the future, the Parkside Commerce Center stands ready to offer the solutions they seek.