Phase 1 of I-40 Exchange will break ground in September 2025 on two buildings totaling 336,000 square feet (210,000 SF and 126,000 SF), designed to accommodate a diverse range of tenant requirements across the Raleigh-Durham market. The modern facilities will feature 32’ clear heights, ESFR fire sprinkler systems, ample auto parking, and dedicated trailer parking.

We’re excited to make our first industrial investment in Raleigh’s East Wake submarket, where we see strong market fundamentals and growing demand. We look forward to expanding our partnership with Trinity Capital with the development of I-40 Exchange,” said Kevin Miller, Head of U.S. Real Estate Acquisitions for Barings.

The park’s prime location offers exceptional connectivity, with direct access to two separate I-40 interchanges at Cleveland Road and NC-42. This strategic positioning allows users to efficiently serve the entire Raleigh-Durham market, with major population hubs and economic drivers accessible within a convenient 30-minute drive. Logistical efficiency is a key feature, as trucks can easily access the site from I-40 via Exit NC-42 and Cleveland Road, and quickly depart with direct access back to I-40 just 0.3 miles away.

“The Raleigh-Durham industrial market continues to experience strong demand for modern, well-located space that supports growth and efficient distribution across the Southeast,” said Jordan Quinn, Partner at Trinity Capital. “We’re excited to deliver I-40 Exchange in partnership with Barings and are confident that its location, access, and functionality will meet the needs of a wide range of users in the greater Triangle market.”

Al Williams, Justin Booth, and Austin Jackson of JLL will handle leasing at the park on behalf of ownership. Choate Construction is the general contractor. DMA Architecture is the architect. Bolton and Menk is the civil engineer.

The development of I-40 Exchange further cements Trinity Capital’s market leadership, extending more than a decade-long track record as the preeminent developer in the Raleigh-Durham market. Notable projects include Eastgate 540, a 7-building, 1.2 million square-foot industrial park; Alexander Commerce Park, a 441,072 square-foot, three-building park; and most recently 147 Exchange, a 277,000 square-foot industrial building in Durham. The firm is also currently developing Spark LS, a 109-acre advanced life science campus in Morrisville that will feature approximately 1.5 million square feet of cutting-edge lab and bio-manufacturing space.

I-40 Exchange is Trinity Capital’s third investment with Barings. Additional investments include Horizon 16, a three building, 626,000 square foot Class A industrial development in Savannah, Georgia, and 85 Exchange, a seven building, 1.3 million square foot industrial development in Kannapolis, North Carolina.

About Barings
Barings is a $456+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of June 30, 2025

About Trinity Capital
Trinity Capital Advisors focuses on the acquisition and development of institutional-quality commercial real estate in the southeastern United States. The firm has invested more than $4.5 billion acquiring and developing more than 30 million square feet of the most successful workplace real estate projects in North Carolina, South Carolina, Virginia, Tennessee, and Florida, including CBD office towers, industrial portfolios, suburban office parks, and mixed-use developments. Investments are capitalized through various Trinity Capital investment vehicles and partnerships with some of the country’s top institutional investors. Learn more at trinitycapitaladvisors.com.