Foxfield Real Estate has snapped up 3503 Page Road in Morrisville, a newly delivered 57,000‑square‑foot Class A industrial, lab‑support and R&D building planted just off the Raleigh–Durham International Airport perimeter. The property comes with a long‑term tenant buildout for temperature‑sensitive operations and a 12‑year net lease to Kryosphere, giving Foxfield a chilled, mission‑critical foothold in the airport’s backyard. The deal deepens the firm’s presence in the Research Triangle and marks its third acquisition in the Raleigh–Durham market.
Foxfield Confirms the Deal
Foxfield confirmed the acquisition in a Feb. 5 release, noting that 3503 Page Road will be added to the Foxfield Open‑End Fund as the vehicle’s 17th asset. In that statement, the firm said the purchase further expands its Southeast industrial footprint and reinforces its conviction in the Raleigh–Durham market, according to Foxfield.
Tenant, Lease and Cold‑Storage Investment
The property was acquired subject to a 12‑year net lease with Kryosphere, which CityBiz reports has already put roughly $5 million into a pharmaceutical‑grade cold‑storage buildout and plans another $5 million for equipment upgrades. That tenant‑backed investment turns the site into a mission‑critical biorepository and cold‑chain logistics hub serving the Research Triangle, with the kind of ultra‑cold space local life‑science players are constantly scrambling to find.
Building Specs and Site Access
The one‑story, single‑tenant building offers 24‑foot clear heights, precast‑concrete construction, 11 dock‑high doors and roughly 6,800 square feet of office, and was completed in 2025. Marketing materials show the property is about 3.5 miles from RDU and offers direct connectivity to I‑40 and I‑540, details confirmed on LoopNet.
Why Morrisville Fits
Morrisville’s proximity to RDU and the Research Triangle’s dense mix of biotech, pharma and advanced‑manufacturing firms make specialized cold‑storage space an increasingly valuable commodity for local tenants. The Town of Morrisville economic development office calls out the town’s airport access and life‑science cluster as core advantages for companies choosing to locate here, according to the economic development page for the Town of Morrisville.
What It Means for Foxfield
Foxfield is pitching the purchase as part of a broader strategy to stack its portfolio with well‑located industrial and life‑science support assets across the Southeast. The firm’s own profile cites roughly $1.5 billion in acquisitions and millions of square feet under management, underscoring why it is zeroing in on niche, mission‑critical properties like this one, per Foxfield.
Brokers marketed the World Trade Park asset with a roughly $20 million price and a stated 6.5% cap rate, signaling investor appetite for tenant‑backed cold‑chain real estate in the RTP submarket, according to LoopNet. The deal puts another specialized facility on the map for local researchers and manufacturers that depend on reliable cold‑storage close to RDU and gives Foxfield a firmer foothold in a fast‑moving regional life‑sciences ecosystem.
