Patriot Park Phase I – Raleigh-Durham, North Carolina – Two-Building, Mid-Scale 322,800 SF Industrial Development – 100% Owned by WRP II

OPPORTUNITY

Phase I, two-building, speculative Class A industrial development totaling 322,800 SF in Raleigh-Durham, NC. The project was a joint-venture with Indianapolis-based developer Strategic Capital Partners. Phase I was 82% leased at the time of sale to tenants National Tire Wholesale (Carroll Tire) and PBM Graphics (RR Donnelly). In September 2019, Patriot Park Phase I was sold to Blackstone’s Link Industrial Properties, generating an IRR of 38.6% and an Equity Multiple of 1.8 to 1.

Property

Two Mid-Scale Industrial

Distribution Buildings

Size

322,800 SF

Built

2017-2018

Ownership

100% WRP II

Sold

September 2019

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