An industrial lease near Raleigh, North Carolina, for a manufacturer of environmentally friendly animal feed has won a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Do Good Foods leased a spec warehouse in Selma, North Carolina, located about halfway between Raleigh and Goldsboro, North Carolina. The company takes surplus food from supermarkets and processes it into animal feed.
To accommodate its expansion, the company chose an industrial property with 36-foot clear-height, tilt-up concrete construction. The business park's owner is AdVenture Development of Selma.
About the Project: Do Good Foods leased 135,000 square feet at an industrial property in Eastfield Crossing Business Park. The company planned to invest $100 million into the facility and hire 100 workers.
What the Judges Said: "The lease was the most impactful due to the tenant's business model of reducing food waste and the impact on the local community from the creation of 100 new jobs," said Elizabeth Gates, senior research analyst at CBRE.
"Do Good Foods has a positive impact on the health and well-being of its consumers," said Ginny Hager, leasing representative at Highwoods Properties.
"It's a significant new investment along the I-95 corridor," said Jim Allaire, principal at Foundry Commercial.
They made it happen: John Powell, Thomas Goodwin and Mike Wilen of Phoenix Commercial Properties represented the landlord. CBRE | Raleigh represented the tenant.