YOUNGSVILLE, N.C. — Eaton Corp., a publicly traded electric utility company based in Ireland, has signed a 550,000-square-foot industrial lease at US-1 North Commerce Center in Youngsville, approximately 23 miles outside Raleigh. Upon completion of the three-phase development, US-1 North Commerce Center will span five buildings across 1.4 million square feet. Summit Real Estate Group is the developer for the project. Foundry Commercial represented Summit Real Estate in the lease negotiations.
Delivered in June 2024, the first phase — which was 90 percent preleased to three tenants — includes two buildings that total 394,000 square feet. Phase II — which comprises two additional buildings at 470,000 square feet — is slated for completion in the summer. Eaton Corp. will occupy the entirety of Phase III in an $18.3 million build-to-suit arrangement by the second-quarter 2026.