DURHAM, N.C., June 15, 2026 /PRNewswire/ -- Foundry Commercial, on behalf of Hines and an Ares Real Estate fund ("Ares"), has announced the start of construction at Parkside Commerce Center, a new four-building, 809,141-square-foot Class-A industrial development located on Silicon Drive in Durham, North Carolina, directly adjacent to Research Triangle Park (RTP).

Parkside Commerce Center rendering

The project represents one of the premier new industrial developments in the Raleigh-Durham ("RDU") market and is designed to serve a broad range of occupiers, including companies supporting the region's nationally recognized advanced manufacturing and biomanufacturing ecosystem, as well as traditional warehousing, distribution, and e-commerce users.

Strategically positioned with immediate access to I-40, I-540, Hwy 147 and the I-85 corridor, the development will be delivered in two phases.

Phase I, scheduled for delivery in Q4 2027, will include two rear load facilities totaling 521,548 square feet with 36-foot clear heights:

4360 Silicon Drive (Building 1) – 237,824 SF with 63 trailer stalls
4340 Silicon Drive (Building 2) – 283,724 SF with 63 trailer stalls

Phase II will include:

4300 Silicon Drive (Building 3) – 172,289 SF
4320 Silicon Drive (Building 4) – 115,304 SF

Both Phase II buildings will feature 32-foot clear heights.

"We're thrilled to partner with Hines and Ares as the marketing and leasing team to bring this best-in-class industrial development to market," said Jeff Stephens, SIOR, Partner at Foundry Commercial. "The RTP/I-40 submarket's Class A vacancy rate has remained near historic lows in recent years, and Parkside Commerce Center will provide much-needed options that offer a rare combination of premier location, functionality and scalability that align with the needs of occupiers across the RDU market."

Hines and Ares co-own the project. Foundry Commercial has been retained as the exclusive leasing team for the project.

For leasing information, please contact Jeff Stephens, SIOR at jeff.stephens@foundrycommercial.com, Jackson Rives at jackson.rives@foundrycommercial.com or Jordan Rives at jordan.rives@foundrycommercial.com.

About Foundry Commercial:

Foundry Commercial is a full-service commercial real estate services and investment company operating across office, industrial, retail, multi-family, healthcare, religious, and not-for-profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by more than 5,000 associates operating from 12 markets, providing leasing and management on more than 77 million square feet and approximately 5,400 seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment sale transactions annually. Foundry's development and investment platform is fully integrated with its services business and has developed or acquired over $7 billion in transaction volume alongside many of the best-known institutional investors in the country. For more information, visit www.foundrycommercial.com.

About Hines:

Hines is a leading global real estate investment manager. We own and operate $91.7 billion¹ of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 4,600 employees in 30 countries draw on our 69-year history to build the world forward by investing in, developing, and managing some of the world's best real estate. To learn more, visit www.hines.com and follow @Hines on social media.

¹Includes both the global Hines organization and RIA AUM as of December 31, 2025.

About Ares Management Corporation:

Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2026, Ares Management Corporation's global platform had over $644 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

Foundry Commercial

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SOURCE Foundry Commercial

Development of Parkside Commerce Center, a New Premier Class-A Industrial Facility, Launches in RTP