Patriot Park I & II – Raleigh-Durham, North Carolina – Four-Buildings, 697,800 SF Mid-Scale Industrial Investment – Developed by WRP II & WRP III

OPPORTUNITY

Four-building, speculative Class A industrial development totaling 697,800 SF in Raleigh-Durham, NC built in two phases. In September 2019, Patriot Park Phase I was sold by WRP II to Blackstone’s Link Industrial Properties, generating a 38.6% IRR and an Equity Multiple of 1.8 to 1. In September 2021, Patriot Park Phase II was sold by WRP III generating a 92.3% IRR and an Equity Multiple of 2.8 to 1.

Property

Four Mid-Scale Industrial

Distribution Buildings

Size

Phase I - 322,800 SF

Phase II - 375,000 SF

Built

Phase I - 2017-2018

Phase II - 2020

Ownership

Phase I - WRP II

Phase II - WRP III

Sold

Phase I - September 2019

Phase II - September 2021

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