YOUNGSVILLE, N.C. — Summit Real Estate Group has broken ground on US-1 North Commerce Center, a $164 million industrial park underway in Youngsville, about 25 miles north of Raleigh. The St. Louis-based developer is planning to build the nearly 1.4 million-square-foot campus in three phases.
Situated off U.S. Highway 1 along Long Mill Road, US-1 North Commerce Center will span five multi-tenant warehouse buildings upon full build-out. Phase I, which will comprise two facilities, is expected to be delivered in first-quarter 2024.
Summit Real Estate Group purchased the 106-acre site in fourth-quarter 2022 on behalf of its Arrowrock US Industrial Fund IV. Matthew Lederman, managing director of capital and investor relations at Summit, says that the project has had strong civic support since its inception.
“Franklin County government has been a strong supporter of the project since the beginning,” says Lederman.
Foundry Commercial is marketing US-1 North Commerce Center for lease.
— John Nelson