California-based logistics giant Prologis is moving forward on a major industrial project near one of North Carolina’s busiest corridors.
)
Prologis has acquired 28 acres in Johnston County, about 25 miles from Raleigh in the Triangle region, with plans to build two industrial buildings, the Triangle Business Journal reported Friday. The company paid $9M for the site, according to the TBJ, citing Johnston County deed records filed last month.
The site is at the intersection of Cleveland and Pierce roads, just off Highway 42 and west of Interstate 40, which provides critical highway connectivity between Raleigh, Durham and Chapel Hill and most notably serves Research Triangle Park.
The two buildings are expected to span 173,680 SF and 103,200 SF, respectively. No construction timeline has been announced, according to the TBJ.
Prologis, which has $230B worth of logistics real estate assets, got rezoning approval for the project in March.
Prior to its approval, Prologis’ plan sparked some local pushback. In March, members of the public packed a Johnston County Board of Commissioners meeting to raise concerns over how the project would impact property values and traffic. Some residents were concerned that the site would house a data center, though the TBJ reported that a Prologis attorney said it wouldn’t.
Nearby in Durham, Prologis also operates Alexander Commerce Park, which it purchased in 2024 for $80M.
Industrial space in the Triangle region has long been in demand. But in recent months, vacancy rates have risen as inventory outpaces absorption, according to CBRE’s Raleigh-Durham first-quarter industrial report. Vacancy rose 2.9% year-over-year to 9.1%, and availability increased 1.5%, reaching 9%.
But the report also says the Research Triangle Park area is an outlier. That area has seen an increase in leasing activity, “reinforcing this submarket’s fundamentals and critical position within the Raleigh-Durham market.” The RTP/I-40 submarket saw 8.2% vacancy in the first quarter, slightly down from the previous year.
At the end of the first quarter, approximately 5.9M SF of industrial properties were under construction in Raleigh-Durham, according to a Colliers’ Q1 industrial market report.
)
)
)
)
)
)
)
)
)
)
)
)