EastGroup Properties acquires fully leased industrial asset near Research Triangle

CHARLOTTE, July 28, 2025 – JLL Capital Markets announced today the sale of Lumley Infill Logistics Center, a 67,172-square-foot, Class A shallow-bay industrial facility located at 5513 Lumley Rd. in Morrisville, North Carolina.

JLL represented the seller, Merus, who served as the design-build developer, in the sale to EastGroup Properties.

Completed in 2023, the state-of-the-art logistics facility features 28-foot clear heights, ESFR fire protection system and LED lighting. The property is 100% leased to two tenants.

Strategically positioned on 6.6 acres along Lumley Rd., the property is located on the northeastern edge of Research Triangle Park (RTP), one of the largest and most prestigious research parks in the United States. The facility provides exceptional access to Raleigh-Durham International Airport, I-540, I-40 and I-85, connecting users to major population centers throughout the Southeast.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors John Huguenard and Pete Pittroff, Senior Director Dave Andrews and Directors Will McCormack and Michael Scarnato.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Merus is a nationally recognized, 100 percent employee-owned design-build development firm specializing in the construction, development, ownership, and management of a diverse real estate portfolio across the eastern United States. With nearly 200 employee-owners operating from offices in Cincinnati, Pittsburgh, Nashville, and Raleigh, we're committed to being the partner of choice for tenants, investors, and capital providers. Merus is proud to invest in people and projects that enhance communities, creating a legacy of excellence while shaping the future of real estate development. Learn more at www.merus1894.com

EastGroup, a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth markets throughout the United States with an emphasis in the states of Texas, Florida, California, Arizona and North Carolina. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 63.6 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net.