Deal follows news that VinFast Automotive has selected Triangle Innovation Point for new manufacturing facility
JLL today announces it has secured an approximately 340,000-square-foot lease agreement with FedEx Ground at TIP West within Triangle Innovation Point – a 2,200-acre life sciences and advanced manufacturing and industrial park in New Hill, North Carolina, a submarket outside of Raleigh. JLL Executive Vice President Matt Winters and Vice President Al Williams handle marketing and leasing for the park on behalf of ownership, a joint venture between Samet Corporation, Lee-Moore Capital and a Denver-based family office.
FedEx Ground, a provider of low-cost, day-definite shipping services, will fully occupy Building One at TIP West within Triangle Innovation Point. Currently under construction, Building One at TIP West is part of the first phase of development at Triangle Innovation Point and will deliver by the end of the year. FedEx Ground is set to occupy the space in early 2023.
This lease comes on the heels of an announcement from Governor Roy Cooper and VinFast Global CEO Le Thi Thu Thuy that VinFast Automotive has selected North Carolina for its electric vehicle manufacturing plans. The Vietnam-based company will invest up to $2 billion into Phase 1 at Triangle Innovation Point. Greg Lubar and Matt Jackson from JLL’s Washington, D.C., office represented VinFast in its nationwide search.
“Triangle Innovation Point provides a rare opportunity for future tenants to leverage unmatched speed to market in one of the fastest-growing regions in the country, and tenants will also have a competitive advantage by tapping into the Triangle’s highly educated talent pool,” said JLL’s Winters. “Our team is thrilled to work with Samet Corporation and its partners on this high-profile project that speaks to the continued growth of the Raleigh Metro.”
Formerly known as the Moncure Megasite, Triangle Innovation Point is well positioned to be the next marquee distribution, manufacturing and life sciences complex in The Triangle. The multiphase site can be subdivided for specific users as needed, with lot sizes ranging from 10 to 1,000 acres, and building layouts from 35,000 square feet up to one million square feet.
Triangle Innovation Point is located 30 minutes from Research Triangle Park and Raleigh-Durham International Airport. The site can be easily accessed by multiple existing highway interchanges, with NC 540 located 13 miles away and I-40 and I-440 less than 25 miles away. Triangle Innovation Point is also in close proximity to dual-rail access from CSX and Norfolk Southern, making the site ideal for distribution. Located just southwest of Raleigh, Triangle Innovation Point boasts immediate access to a labor force of 1.5 million, with over 20 colleges and universities within 60 miles of the site.
“Our team has worked diligently to bring this development to life, prioritizing flexibility that can accommodate a variety of users and represent the diversity of industries found within the market,” said Brian Hall, president of real estate for Samet. “We’re thrilled to welcome FedEx Ground to the park, and believe this lease reflects our confidence that demand will remain strong throughout all phases of this project. We look forward to many future successes at Triangle Innovation Point.”
According to JLL’s Q4 Industrial Insight, industrial tenants signed leases totaling 122 million square feet, and vacancy dropped below the 4% threshold for the first time in history. The overall construction pipeline remains strong with 467 million square feet currently under construction. Additionally, rental rates have risen by 11.3% since Q4 2020, and JLL’s experts predict that demand will continue to outpace supply through 2022.
About Samet Corporation
Samet is a full-service general contractor and real estate development firm exceeding clients’ expectations across a broad range of markets for over 60 years. The company’s project portfolio includes numerous educational, industrial, office, healthcare, retail, multi-unit residential, and civic facilities. Recently ranked # 31 on the Engineering News and Record Southeast Top Contractors. Samet is headquartered in Greensboro, with offices in Charlotte, Raleigh, Charleston, Savannah, and Wilmington. To learn more visit www.sametcorp.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
