Crescent Communities and Nuveen Real Estate Break Ground on Phase 2 of THE YIELD Holly Springs
Charlotte, N.C. – (February 9, 2023) – Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, and Nuveen Real Estate, one of the largest real estate investment managers in the world with more than $154 billion of assets under management, recently celebrated the construction start of THE YIELD’s second phase of speculative, shell-ready biomanufacturing buildings in Holly Springs.
“Crescent Communities and Nuveen Real Estate are excited to commemorate this occasion with the Town of Holly Springs,” said Elizabeth McMillan, Vice President – Development at Crescent Communities. “We are confident that businesses seeking certainty, speed to market, and biomanufacturing purpose-built product will find THE YIELD Holly Springs is well positioned to suit their companies’ needs. We are excited about this significant milestone to further expand Holly Springs’ biomanufacturing cluster.”
This phase of THE YIELD Holly Springs will include 322,000 SF in three shell-ready cGMP biomanufacturing buildings. The space was designed to maximize flexibility for future users, including increased structural reinforcement to allow for mezzanine space, increased insulation, multiple options for utility connectivity, layouts to accommodate a wide variety of tenant upfits, a 2-per-1,000 SF parking ratio, and more. The first two buildings will be ready for tenant upfit in September 2023 and will be completed by year-end 2023 with the third building completed in the spring of 2024. In connection with this project, THE YIELD Holly Springs will also deliver over a half-mile of greenway, a 1-acre activated amenity green to foster collaboration and community, and connectivity to retail both on and off site in the heart of Holly Springs’ Business Park.
“Nuveen Real Estate and Crescent Communities are pleased to deliver these best-in-class, shell-ready biomanufacturing buildings to the Triangle. We believe in the strong fundamentals of this growing life science cluster and are excited to deliver new, purpose-built product in a location with a highly qualified talent pool, proximity to several top-ranked research universities and a reasonable cost of living,” said Chris Adams, Director at Nuveen Real Estate. Chad Phillips, Global Head of Workplace, Retail & Mixed-Use at Nuveen Real Estate adds, “We continue to focus on best-in-class real estate that fosters innovation and connectivity.”
THE YIELD Holly Springs is a new multi-phase life science investment totaling 120 acres and up to two million square feet of biomanufacturing, office/lab, and retail space in Holly Springs, NC, at the core of the Triangle’s life science cluster. At completion, the entire campus will house up to 1,000,000 SF of single-story biomanufacturing buildings that feature second floor expansion capability, 100,000 SF of lab/office buildings, and nearly 35,000 SF of retail offerings.
With these buildings, THE YIELD Holly Springs leverages Crescent Communities’ significant experience in master planning, seamless campus integration, and sustainability-forward building practices to deliver the flexible, innovative product its clients seek. THE YIELD Holly Springs is the newest development to provide a high-quality product to the Triangle, addressing the significant demand for biomanufacturing facilities and the shortage of space that can adapt alongside rapidly evolving technology and business needs.
Phase 2 at THE YIELD Holly Springs is Crescent Communities’ second development under the life science brand, THE YIELD. Phase 1 was completed in December 2022 and sold to Apollo Global Real Estate and GeneSuites and is now known as Catalyst BioCampus. THE YIELD Holly Springs is located at 11651 Holly Springs New Hill Rd in Holly Springs, NC. Partners include Nuveen Real Estate (development partner), Atlantic Union Bank (lender), Trustmark (lender), Timmons Group (civil engineering), Gilbane Building Company (general contractor), O’Brien Atkins Associates (architect), The Town of Holly Springs, and CBRE | Raleigh (leasing).
More broadly, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,300 units of multifamily/single family build-to-rent, 58,000 square feet of complementary retail, and 7.5 million square feet of office, industrial and life-sciences. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
Renderings and site plans for THE YIELD Holly Springs can be found here, and images from the groundbreaking ceremony can be found here. For more information, visit crescentcommunities.com and theyieldnc.com and theyieldlifescience.com.
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 83 multifamily communities, 24 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 and our industrial developments are branded AXIAL by Crescent Communities and our life science developments are branded THE YIELD by Crescent Communities.
About CBRE | Raleigh:
CBRE | Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2021, the Raleigh office completed $3.3 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.