Crescent Communities and Nuveen Real Estate acquire 120 acres in Holly Springs, NC
CRESCENT COMMUNITIES AND NUVEEN REAL ESTATE ACQUIRE 120 ACRES IN HOLLY SPRINGS, NC TO EXPAND MASSIVE $500 MILLION, TWO MILLION SQUARE FOOT LIFE SCIENCES CAMPUS, THE YIELD
Charlotte, N.C. – (February 9, 2022) – Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, today announces the acquisition of 120 acres in Holly Springs to develop as much as two million square feet of biomanufacturing, lab, and office space within The Yield, a $500 million dynamic life science campus already under construction. This new acquisition was made in partnership with Nuveen Real Estate, one of the largest real estate managers globally with $144 billion of assets under management, creating a meaningful expansion for Crescent Communities’ life science platform to deliver bio-manufacturing ready and built-to-suit tenant solutions within the Triangle’s rapidly growing life science sector.
In its entirety, The Yield offers a wide range of options for small, mid-range, and large biotech companies to create a space that fits their individual needs within a flexibly designed campus that can meet speed-to-market demands with future expansion opportunities in mind. Crescent Communities will begin to deliver multiple building options for tenants in the fourth quarter of 2022.
“Through this partnership with Nuveen, we are able to expand The Yield to a second phase and grow our life science presence in the Triangle to as much as two million square feet,” said Brendan Pierce, President of Commercial at Crescent Communities. “This partnership reinforces our commitment to Holly Springs, the Triangle, and our expansion into the life science industry. We believe The Yield is the premier location for companies looking to capitalize on the growth in southern Wake County, and take advantage of its proximity to the strong workforce within the community.”
The Town of Holly Springs, where The Yield is located, quickly became one of the leading life science hubs in the country. Top-tier companies such as Fujifilm Diosynth Biotechnologies, the largest monoclonal antibodies facility in the world, Seqirus, the largest influenza vaccine producer in the world, and Amgen, a leader in the development and manufacture of biologic medicines, have chosen to locate their world class facilities in Holly Springs due to its access to infrastructure, speed to market approval process, high quality of life, and proximity to top talent.
In December 2021, Crescent Communities began construction on The Yield’s first phase with site work and speculative development of three buildings totaling over 260,000 square feet.
Crescent Communities is working to advance development plans for the second phase of The Yield to begin construction in the second half of 2022.
About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 69 multifamily communities, 22 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities.