Tri Properties Delivers Two Preleased Industrial Buildings in Sanford

July 1st, 2024

Colon Road, Sanford warehouses built by Tri Properties 2024

Tri Properties and its brokerage arm, NAI Tri Properties, are pleased to announce the successful delivery of two new industrial buildings at 1650 and 1658 Colon Road in Sanford, NC. These state-of-the-art warehouses, totaling 251,250 square feet on a 43-acre site, are strategically located just south of US 1, offering convenient access to major highways including US 1, US 15, US 501, US 421 (Future I-685), and situated midway between I-85 and I-95. The facilities feature ample outside storage and rail spur access.

Service Building Supply (SBS) signed the first lease, covering 151,250 square feet, to support its expanding local operations. ABC Supply has secured the remaining 100,000 square feet.

Greg Sanchez, CEO of Tri Properties, commented, “Given our metro area’s low industrial vacancy rates, significant population growth, and substantial economic development wins, it’s no surprise that these spaces were quickly taken by building supply companies. These new facilities will enable SBS and ABC Supply to efficiently serve the Triangle, Lee County, and the rapidly growing surrounding areas.”

Industrial vacancy rates in the Triangle have reached record lows, currently at 5.93%, while Lee County’s industrial market, encompassing over 13 million square feet, has an even lower vacancy rate of 2.88%, as reported by CoStar. This underscores the urgent need for more industrial inventory despite challenges such as rising interest rates, increased construction costs, and limited lending from banks.

Jimmy Randolph, CEO of the Sanford Area Growth Alliance, stated, “Greg and his team stepped up and responded to the scarcity of high-quality warehouse and flex space in Lee County with not just one, but two, modern purpose-built industrial warehouse facilities. And, in the process, they brought new life to a vacant heavy industrial rail site in a location that provides a measurable strategic advantage to their tenants in the building supply industry.”

According to the US Census Bureau, Lee County’s population increased by 9.36% from 2010 to 2020, and projections indicate continued expansion. Sanford has seen substantial economic development announcements in recent years, with major companies like Kyowa Kirin, Vinfast, Bharat Forge, Pfizer, Astellas, Through6, and Abzena committing to add over 8,874 jobs to the area. As part of a “High Priority Corridor” under the Infrastructure Investment and Jobs Act passed by Congress in November 2021, the proposed US Hwy 421 will connect I-85 in Greensboro with I-95 in Dunn, passing directly through Sanford as Future I-685.

Matt Baker, Director of Construction Management at Tri Properties, added, “Delivering these buildings on schedule and within budget, despite the current challenges in the construction industry, is a testament to our team’s dedication and expertise. We are excited to contribute to the growth and infrastructure of the Sanford area and support the expanding needs of local companies.”