The area's average quoted rental rate for warehouse space is $5.31 per sf, about half the rate for flex.
USCO provides distribution and storage services globally. The new lease will enable the company to handle an expanded distribution contract with Nortel Networks, a major client and a tenant at the park.
Imperial is near Research Triangle Park. Glaxo Wellcome, IBM and Quintiles Transnational are also tenants at Imperial.
USCO also rents about 465,000 sf of warehouse space at Teer Development Park in Durham to serve Glaxo Wellcome. Principal Financial Group of Des Moines, IA is the majority owner of Imperial Center. TriProperties of Durham, which manages and develops the center, plans to build another 150,000-sf warehouse that will open next year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
