Stonelake Capital Partners Acquires $19.5 Million Flex Industrial Building Near RDU in Morrisville, NC
Austin-based Stonelake Capital Partners has acquired a fully-leased flex industrial building near Raleigh-Durham International Airport in Morrisville, North Carolina, for $19.5 million, according to Wake County deed records.
The transaction involves the 134,156-square-foot property at 10800 World Trade Boulevard, situated on 9.5 acres on the north side of Interstate 540 from RDU. The building is solely occupied by Storr Office Environments, which houses its warehouse, offices, showroom, and furniture outlet at the location.
Deal Details
The Class B flex industrial building sold at approximately $145 per square foot. The property is assessed at $17.4 million by Wake County. The seller, Broadstone Net Lease Inc. of New York, originally purchased the property in 2012 for $10.5 million as part of a larger portfolio deal.
Storr Office Environments renewed its lease in early 2024, extending the term through January 2039. The company employs 160 people at the World Trade Boulevard location and was recognized as a 2025 Fast 50 Awards winner. Stonelake Capital Partners did not respond to a request for comment.
Stonelake's Industrial Real Estate Strategy
In July 2025, Stonelake Capital Partners sold $920 million worth of industrial properties, according to a company press release. At that time, Stonelake stated it would focus on "institutional-size and quality in infill locations in markets experiencing significant population growth."
Triangle Industrial Market Vacancy
The Triangle warehouse vacancy rate reached 11.3% in the first quarter of 2026, driven by new building deliveries without pre-lease commitments, according to Triangle Business Journal's Space publication.
In the same industrial park where the property is located, a building fully leased to Kryosphere sold for $18.4 million, and a 24,995-square-foot light industrial warehouse is planned for the area.
About the Property and Tenant
The building at 10800 World Trade Blvd. spans 134,156 square feet and sits on 9.5 acres in Morrisville's World Trade Boulevard industrial corridor. The property accommodates Storr Office Environments' warehouse space, corporate offices, a showroom, and a furniture outlet. Storr employs 160 people at the location and renewed its lease in early 2024, extending occupancy through January 2039.