Acquisition of 134,000 SF Office Investment: Southcourt
Jan 12 '22
Durham, NC – (January 12, 2022) – Crescent Communities, a nationally-recognized, market-leading real estate investor, developer, and operator of mixed-use communities, today announced closing on the company’s latest commercial office investment: SouthCourt. The 6-story building will offer creative and institutional office space, just steps away from University Hill (a walkable 300,000 SF vibrant mixed-use center), Duke University, and Durham’s most prominent residential neighborhoods.
“SouthCourt is the first office space in Crescent Communities’ Raleigh-Durham portfolio and will significantly enhance our commercial footprint in this compelling market,” said Sagar Rathie, Managing Director of Office and Mixed-Use at Crescent Communities’ Commercial business unit. “With Raleigh-Durham continuing to stake its claim as both an exceptional employment hub and attractive place to live, we foresee SouthCourt attracting top talent in the region and becoming a convenient and creative office environment for employees and teams.”
Located at 3211 Shannon Road, SouthCourt offers tenants numerous on-site amenities and retail services including a fully equipped conference center, a full-service salon, on-site personal training facility, balconies on many of the upper floors, and an expansive patio with covered seating. Crescent Communities plans to make significant investments in the building, such as exquisite renovations to common areas, striking architecture enhancements, and improvements to the outdoor experience. To meet the demands of tenants seeking flexible, ready-made spaces, the company will be integrating a comprehensive spec. suite build out program across the building, including converting former retail space to creative offices with towering 16’ ceilings and high-end finishes.
The adjacent University Hill mixed-use development provides SouthCourt tenants with convenient access to 65,000 SF of best-in-class retail including O2 Fitness, Midtown Yoga, Happy & Hale, Zambrero’s, and Ashley Christensen’s latest restaurant concept BB’s Crispy Chicken. Offering tenants unmatched walkability and drivability, this premier building is located near numerous top Durham dining, shopping, and banking establishments and offers easy access to I-40 and NC Hwy-147.
“The launch of SouthCourt is breathing new life into Durham’s Valley Run neighborhood, and we are thrilled to soon be a part of this growing urban development,” said Hillman Duncan, Managing Director at JLL. “With close proximity to a lineup of incredible retailers ranging from acclaimed Southern restauranteurs to health-forward establishments and fitness studios, we look forward to providing tenants with a world-class office and retail environment.”
SouthCourt is one of many mixed-used projects in the company’s portfolio of over 22M square feet of commercial developments (with three business lines: Office, Industrial, and Life Science) representing nearly $2.4B of total investment. In addition to SouthCourt, Crescent Communities works with a variety of office and mixed developments recently completed or currently under construction including another Raleigh-Durham project, The Yield, a life science campus in Holly Springs, NC which recently broke ground on its first phase, Ally Charlotte Center (Charlotte, NC), Elizabeth on Seventh (Charlotte, NC), and Escent Research Park (Charlotte, NC), among others.
SouthCourt is being acquired in a joint venture with Faison, a Charlotte-based real estate investment firm. Atlantic Union Bank is providing financing, TB Design is serving as the architect, JLL is providing office leasing, CBRE is providing retail leasing, and Trinity Partners is serving as property management.
For leasing opportunities, please contact Hillman Duncan.
Photography can be found here.
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.
Faison is a private real estate investment firm with a strong legacy that dates back to the 1970s. The company selectively places capital in development, value-add, and core opportunities. Faison’s core objective is to expand its diverse investment portfolio across multiple asset classes—Multifamily and Single Family Residential, Retail, Office and Industrial--within the major markets in the Southeast including Charlotte, Raleigh-Durham, Atlanta and Nashville.
About Atlantic Union:
Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation is the holding company for Atlantic Union Bank. Atlantic Union Bank has 129 branches and approximately 150 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Atlantic Union Bank Wealth Management is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., and Dixon, Hubard, Feinour, & Brown, Inc., which provide investment advisory services; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.