Palmer Donavin Signs 225,000-SF Build-to-Suit Lease at Falls Lake Industrial Park, Represented by Newmark

Palmer Donavin has signed a 225,000-square-foot build-to-suit lease at Falls Lake Industrial Park in Butner, North Carolina, becoming the first tenant at the master-planned industrial campus being developed by Trinity Capital Advisors and Mortenson Properties, Inc. Eric Shea and Doug Brock of Newmark represented Palmer Donavin in the transaction, which was announced Sept. 15, 2026.

The new facility, designed around Palmer Donavin's distribution and door fabrication operations, is currently under construction and is targeted for completion by mid-2027. Palmer Donavin is a building materials distributor and door fabricator that has served customers for more than 120 years, partnering with dealers, builders, and remodelers across its markets.

Deal and Property Details

Falls Lake Industrial Park is a 157-acre development located at 1613 I-85 Service Road and 100–500 Tradecrest Road in Butner, Granville County, NC 27522, with direct frontage on Interstate 85. The park is planned for approximately 1,021,260 square feet across five Class-A buildings. Phase I comprises two buildings totaling 364,010 square feet and is expected to deliver by the end of 2026. Phase II is planned for three additional buildings, with anticipated delivery around 2028.

Palmer Donavin's 225,000-square-foot facility represents roughly 62 percent of the park's Phase I square footage, making it a significant early commitment to the project. The building will provide direct access to I-85 and major transportation corridors throughout the Southeast. Granville County's location offers proximity to the Raleigh-Durham employment base, regional logistics infrastructure, and workforce supported by the Triangle's community college and university systems.

Leasing for Falls Lake Industrial Park is led by Al Williams, Justin Booth, and Austin Jackson. Mortenson will serve as general contractor and lead construction operations for the project.

Developer and Joint Venture Background

Trinity Capital Advisors and Mortenson Properties, Inc. are developing Falls Lake Industrial Park as a joint venture. Trinity Capital Advisors focuses on the acquisition and development of institutional-quality commercial real estate in the southeastern United States, and has invested more than $5.8 billion acquiring and developing more than 35 million square feet of commercial real estate in North Carolina, South Carolina, Tennessee, and Florida. Over the past six years, the firm has deployed more than $350 million in the Raleigh market, delivering 11 industrial buildings that were 100 percent pre-leased upon delivery.

Mortenson Properties, Inc. is the real estate investment and ownership arm of the Mortenson family portfolio of companies. Its portfolio includes over $1.2 billion in assets under management and more than 8 million square feet of industrial, medical office, life science, renewable energy, and office assets across Minnesota, Colorado, Utah, and the Carolinas, along with over 300 acres of developable land.

"Welcoming Palmer Donavin to Falls Lake Industrial Park is a significant milestone for the project and a strong validation of the strategy behind it," said Jordan Quinn, Partner, Industrial at Trinity Capital. "We are grateful for Palmer Donavin's commitment to Falls Lake Industrial Park and excited to support their long-term growth with a facility designed around their operational needs. They are a highly respected company with more than a century of history, and their decision to locate here reinforces why companies are choosing this great park."

"We are pleased to welcome Palmer Donavin to Falls Lake Industrial Park and continue our partnership with Trinity Capital on this important development," said Mike Klisanich, Director of Investments at MPI. "This build-to-suit reflects exactly the type of high-quality industrial opportunity we envisioned for the park — one that supports established businesses, creates long-term value, and contributes to the continued economic growth of the region."

Market Context

The Falls Lake Industrial Park lease comes as the Triangle region continues to attract demand from distribution, manufacturing, and logistics companies seeking modern, well-located industrial facilities. The park is designed to accommodate a broad range of such users, with flexible building sizes ranging from approximately 102,060 square feet to 297,920 square feet, Class-A construction standards, and access to the region's primary logistics corridors via I-85.

Granville County has provided public support for the broader park development. County incentive documents estimate capital investment of approximately $18.1 million for Phase I and $35.5 million for Phase II, with county grants totaling approximately $1.1 million paid over 10 years to reimburse off-site infrastructure costs including water, sewer, and road work.

"Our work across the Triangle has demonstrated the continued depth of demand from industrial users seeking modern facilities, strong connectivity, and access to talent," said Jeff Sheehan, Managing Partner at Trinity Capital. "Welcoming Palmer Donavin as the first tenant at Falls Lake Industrial Park is an exciting first step for the project, and we look forward to advancing the initial phase alongside MPI and our project partners."

About the Parties

Palmer Donavin is a building materials distributor and door fabricator that has served customers for more than 120 years, providing products, services, and operational expertise to support residential and commercial construction needs. Newmark's Eric Shea and Doug Brock represented the company in the lease transaction. Leasing for Falls Lake Industrial Park is led by Al Williams, Justin Booth, and Austin Jackson.

Sources: Trinity Capital Advisors