Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today it has closed on an existing 154,096-square-foot co-packing facility for a consumer goods company in Raleigh, North Carolina. Stonemont will renovate the building for the client to store product and materials used to make goods at the company’s existing manufacturing facility, which is located across the street.
The single-load warehouse was originally built in 1994 on 15.9 acres and is located at 101 Stamford Dr., between I-540 and I-40 with easy access to the Raleigh-Durham International Airport. The building features 24-foot clear heights, 50 car parking spaces, 12 exterior dock doors and 5,086 square feet of office space. The tenant will move into the building early this year, and Stonemont will oversee building improvements during their occupancy including a new roof, interior upgrades, expansion of trailer parking and additional operational and aesthetic improvements.
“We are proud to have been given the opportunity to partner with a best-in-class customer to provide a solution to an integral part of their real estate strategy,” said Sean McDonnell, senior vice president and head of the Carolinas office at Stonemont. “Stonemont has a proven track record of successful value-add initiatives across the country, and we particularly like North Carolina’s dynamic industrial market as it continues to see growth across a variety of industries. This facility is a strategic addition to our growing footprint across the state, and we look forward to completing the work on this project within the year.”
This is the third project for Stonemont in the greater Raleigh MSA, which is a growing industrial market along the I-85 corridor. The region has a wide pool of labor and has seen major expansion over the past decade, though available developable land remains scarce. Industrial tenant demand remains strong in the Raleigh-Durham market, with year-to-date positive net absorption of 2.6 million square feet according to a report from JLL. The in-town suburb of Cary, North Carolina, where the facility is located, was also named one of the fastest-growing cities in the U.S. by Rocket Mortgage, with a growth rate of 0.91% between 2022 and 2023.
Project partners include Joe Messina and Jon Vanderplough with JLL who represented the tenant, Choate Construction as the general contractor and WithersRavenel as the civil engineer.
Stonemont has an extensive footprint in North Carolina, with recent projects including a 387,302-square-foot warehouse in Lumberton, North Carolina; three facilities for Corning Inc., including a distribution center in Rocky Mount, North Carolina and two manufacturing facilities in Hickory, North Carolina; and a 702,250-square-foot industrial park in Kannapolis, North Carolina.