McCraney Obtains $29M Loan for Raleigh Industrial Project
JLL Capital Markets originated the debt from a major lender.
McCraney Property Co. has secured a $28.8 million construction loan for Apex Logistics, a 305,470-square-foot industrial project in Apex, N.C. Pinnacle Financial Partners issued the three-year, floating-rate note in a deal arranged by JLL Capital Markets.
Construction kicked off this spring and the developer expects completion by August 2026.
Located on more than 31 acres along Goodwin Road, the development is less than 2 miles from North Carolina Highway 540 and U.S. Route 64, as well as some 19 miles west of downtown Raleigh, N.C. The Research Triangle Park and the Raleigh-Durham International Airport are within approximately 15 miles.
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Apex Logistics will comprise two rear-load buildings, measuring 142,035 and 163,435 square feet. Each building will have 32-foot clear heights, access to 180-foot truck court depths, along with a combined total of eight drive-in and 97 dock doors.
JLL Senior Managing Director Melissa Rose and Senior Director Michael DiCosimo, together with Director Ward Smith and Associate Nicole Barba, brokered the deal on behalf of McCraney.
McCraney stays bullish on Southeast industrial
The developer has more than 25 million square feet of industrial space throughout the Southeast, including both completed and under-construction projects, according to JLL. McCraney’s strategy revolves around investing in supply-constrained, high-growth corridors across the region.
Earlier this year, the company landed an $84 million senior financing loan for a 1 million-square-foot industrial park in Bloomingdale, Ga. That campus marked the first phase of a larger 4.4 million-square-foot development. Truist originated the debt in a deal also arranged by Rose, DiCosimo and Barba.
Raleigh’s robust supply pipeline
Raleigh-Durham industrial deliveries totaled nearly 1.5 million square feet during the first six months of the year, according to a report by Cushman & Wakefield. Almost half of this space was preleased, aiding to lower the impact this new supply has on the market’s vacancy rate, which stood at 7.9 percent in June. The construction pipeline remained solid, with roughly 3 million square feet expected to come online by the end of the year.
The market had 1.6 million square feet of leasing activity during the first half of the year, although demand eased slightly during the second quarter, when just 558,000 square feet of deals closed, the same report shows.
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