Mainstreet Capital Partners and a fund managed by DRA Advisors announce joint venture to redevelop INQ 4300
JLL selected to lease the 180,000-square-foot building, which is being overhauled for life science space
Mainstreet Capital Partners and a fund managed by DRA Advisors today announced a joint venture to redevelop INQ 4300, a 180,017-square-foot building in Garner, North Carolina. Formerly a big-box retail store, the property will be repositioned to attract the region’s rapidly growing life science users. JLL’s John MacDonell and Taylor McCuiston will handle leasing on behalf of the owners.
“We are excited to launch redevelopment efforts for INQ 4300 so it can provide unmatched opportunities for life science users in the market,” said Peter Tonon, Partner at Mainstreet Capital Partners. “Similar to INQ 1101 in Morrisville, INQ 4300 will answer the demand for strategic and innovative lab space in Raleigh and we look forward to bringing our vision to life.”
Located at 4300 Fayetteville Road, INQ 4300 will undergo significant interior and exterior renovations beginning in Q1 2022 with plans to deliver late summer 2022. Redevelopment plans are focused on creating a modern, highly amenitized laboratory and production environment for life science users. Once complete, INQ 4300 will feature new landscaping and hardscaping, glass openings, a new building facade, roof and outdoor amenity areas. INQ 4300 is the second property that Mainstreet Capital Partners and DRA Advisors have partnered together to reposition. Earlier this year, Mainstreet Capital Partners and DRA Advisors completed an overhaul of INQ 1101, a former big-box store in Morrisville, North Carolina. INQ 1101 is now fully leased to Schneider Electric and Azzur Cleanrooms on Demand.
“As Raleigh’s life science community continues to thrive and demand for state-of-the-art lab and production space experiences unprecedented growth, INQ 4300 will be a highly sought-after addition to the market,” said JLL’s MacDonell. “We’re confident this property will generate interest from companies looking to grow or establish a Raleigh footprint, and our team is beyond excited to once again partner with Mainstreet Capital Partners and DRA Advisors.”
Located less than five miles from downtown Raleigh, INQ 4300 will provide future users with unparalleled accessibility to Raleigh’s life sciences community. The property is surrounded by numerous shopping and dining options and offers immediate connectivity to I-40 and the I-450 extension, which is currently under construction.
"We're excited about the innovative repurposing of this building and the potential impact it can have as the Town continues to aggressively pursue recruiting companies in the life science, advancing the manufacturing and technology sectors,” said Garner Mayor Ken Mashburn. “It is another significant step in the diversification of Garner's local economy. We welcome DRA Advisors and Mainstreet Capital Partners to our community and look forward to forging a strong partnership with them."
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.