A New York-based firm is aiming to break into the Triangle market with plans to build an up to 360K SF industrial complex near Research Triangle Park.
)
Shallow Bay Realty Partners applied for zoning changes with Durham County for 40 acres off Highway 55, the Triangle Business Journal reported.
The mostly forested land spans 40 acres, encompasses five parcels and is zoned as residential rural and residential suburban 20. The company hopes to shift these designations to light industrial.
Shallow Bay, which focuses on industrial real estate, has plans for four buildings across the development, according to the TBJ. The land is assessed at $2.78M and is owned by Wayne Wrenn Building and Realty and Bobby Wren.
RTP is the largest research park in North America, spanning 7,000 acres in Durham and Wake counties. Other industrial projects in the area include Merritt Properties’ RDU Business Park, which broke ground in August, and Scannell Properties’ Triangle 55 industrial park.
Industrial development is steady in the Raleigh-Durham region despite rising vacancy rates. Industrial vacancy rose to 9.3% in the third quarter, up from 7.6% during the same period last year, according to a CBRE report. Net absorption reached more than 1.1M SF in the third quarter, bringing the year-to-date total to nearly 1.7M SF, according to a Cushman & Wakefield report, slightly down from the 1.8M SF year-to-date total recorded in the third quarter of 2025.
The Triangle region is just one of several markets in which Shallow Bay is working to gain a larger foothold, the TBJ reported. Other markets include Charlotte, Nashville, Seattle and Southern California.
)
)
)
)
)
)
)
)
)
)
)
)