Stonelake Capital Partners acquired Apex Commerce Center, a three-building Class A industrial portfolio in Raleigh, for $90 million.

Located at 2061 Production Drive, 2170 Production Drive, and 600 Pristine Water Drive, the Apex Commerce Center totals 613,353 square feet across three (3) buildings.

Following construction completion in April 2026, Stonelake closed the purchase. The transaction, brokered by Dave Andrews of Jones Lang LaSalle, was executed as a “forward sale”, with Stonelake going under contract during construction in 2025 and retaining leasing rights through the final phase of development. Stonelake’s Josh Lowe oversaw the construction completion of the Apex Commerce Center while Stonelake had the portfolio under contract.

The Apex Commerce Center was jointly developed by Oppidan Investment Company and Rockpoint Group.

Stonelake presently owns 22.5 million square feet of industrial assets across 230+ buildings in 14 Sunbelt markets, with an average building size of approximately 95,000 square feet.

Site work is wrapping up and construction workers are ready to start building on what will be a $3 billion development in Apex. The Triangle Business Journal reports RXR is developing the 1,200-acre Veridea site, which will start with two industrial buildings totaling 213,000 square feet. 1.3 million square feet of warehouse space is planned.

Summit House, the first apartment building, will go vertical in a few weeks with first delivery of units by the end of 2027 and completion in early 2028. Summit House will have 291 studio, one- and two-bedroom apartments in a four-story complex.

Other components of the venture include Veridea Crossing, the 220,000 square foot retail and office space within East Village. It will start opening in early 2028. That includes an anchor grocer opening in 2029. Construction on the Wake Tech’s new campus will start by the end of this year with a targeted opening in fall 2029 with 3,000 students.

Construction on the NC Children’s Hospital is expected to start in summer 2027, with the first phases delivering in 2031. 

RXR has broken down on its first project within the 1,100-acre Veridea mixed-use community in Apex. Phase I of Veridea will include approximately 1,500 multifamily units, 1,100 single-family homes and townhomes built by Lennar Homebuilders, 150,000 square feet of retail, restaurants, and commercial space, 213,000 square feet of industrial, and a new 340,000 square foot campus for Wake Tech Community College. 

The community is expected to bring more than 2,300 annual jobs to Apex over the next decade of development.  Samet Corporation began construction of Phase I of the $3 billion project, with major clearing, site work and infrastructure work.  

Veridea is located two miles south of historic downtown Apex. Upon completion, the mixed-use development is envisioned to include up to 8,000 residential units, up to 3.5 million square feet of retail, hospitality, and civic space, up to 12 million square feet of commercial space, a new Wake County Public School System elementary school and the newest campus for Wake Technical Community College.  

Rockpoint and Oppidan Investment Co. have sold the 233,818-square-foot Building I at their $100 million Apex Commerce Center, a four-building industrial property in Apex, N.C. LaSalle Investment Management acquired the Class A asset.

Commercial Edge reports the duo broke ground on the 847,171-square-foot park in 2022. Building I came online one year later. Apex Commerce Center’s other three facilities are slated for occupancy between July and September 2025.

The rear-load Building I features 32-foot clear heights, 60-foot speed bays and 180-foot truck courts. Two drive-in doors are available, as well as 12 dock-high doors with the option of adding an extra 37. Located at 1251 Burma Drive, the facility is about 6 miles from North Carolina Route 540, which is currently undergoing an expansion meant to extend the thoroughfare, looping around the Greater Raleigh area. The Research Triangle Park and the Raleigh-Durham International Airport are roughly 21 miles north.

JLL Dave Andrews and Pete Pittroff led the team representing Rockpoint in the transaction.