(Raleigh, NC) --Recognizing that the Raleigh-Durham region continues to experience widespread economic expansion, Scannell Properties will break ground in early September on a 160,000 square foot speculative warehouse on Rogers Lane on the east side of Raleigh.
The project is a joint venture between Scannell Properties and Raleigh-based Brookwood Capital Partners and should be complete in May, 2016.
This project expands Scannell’s investment in the Raleigh market. Earlier this year, Scannell purchased two parcels within the Triangle Business Center, the first of which is under way with the first speculative building in this market.
Raleigh is home to North Carolina State University and nearby schools include Duke University and the University of North Carolina at Chapel Hill. According to a Forbes article, in 2014, Raleigh leads the best places in the U.S. for business and careers.
“The timing is right for 221 South Rogers Lane to be constructed and delivered as soon as possible,” says Ed Brown, NAI Carolantic Realty, Inc. “We are near a critical low supply of Class A warehouse space in our market. The modern industrial facility Scannell and Brookwood are developing will supply the demand providing an opportunity for local companies to grow and new companies to locate to our market,” Brown concludes.