Crescent Communities Completes Construction of Phase 1 at THE YIELD Holly Springs
Charlotte, N.C. – (January 5, 2023) – Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, today announces the completion of construction of Phase 1 at THE YIELD Holly Springs, a 150-acre, two million SF life science campus located in the Town of Holly Springs, NC. Construction of Phase 1 began in late 2021, and its completion will mark a significant milestone for Crescent’s first investment under their life science platform, THE YIELD.
“We’re proud to announce the completion of our first phase at THE YIELD Holly Springs,” said Elizabeth McMillan, Vice President – Development at Crescent Communities. “The sale to Apollo Global Real Estate Management and GeneSuites marks the completion of Crescent’s first life science project under our new life science platform, THE YIELD, with 210,000 SF of purpose built, biomanufacturing space. It demonstrates we can use our depth of knowledge and industry experience to deliver an exceptional product designed with flexibility to meet a wide range of needs seeking speed-to-market solutions to the real estate community.”
Phase 1 of THE YIELD Holly Springs sold last month to Apollo and GeneSuites. Phase 1, which showcased 210,000 SF of biomanufacturing space between two buildings over 25 acres, is the first phase of Crescent’s larger 150-acre, life science campus in the Town of Holly Springs. Following the acquisition, Apollo and GeneSuites have rebranded this Phase 1 as Catalyst BioCampus.
Crescent Communities, in partnership with Nuveen, recently kicked off construction on Phase 2 of THE YIELD Holly Springs with three additional biomanufacturing buildings, scheduled to first deliver by year end of 2023, on the adjacent 120-acre greater campus. This next phase, once completed, will deliver 322,000 SF of speculative biomanufacturing ready facilities within the larger multi-phase innovative life science campus, designed to accommodate up to 2M SF of biomanufacturing space, 100,000 SF of lab/office space, and nearly 35,000 SF of retail space.
Located in the Town of Holly Springs, NC, THE YIELD Holly Springs is strategically situated in the growing Research Triangle region, with access to top talent from nearby higher education institutions, including UNC Chapel-Hill, Duke University, and North Carolina State University. In addition, THE YIELD Holly Springs campus is in close proximity to other top-tier life science companies, such as Amgen, Seqirus, and FUJIFILM Diosynth. For potential employees, Holly Springs offers great quality of life with many retail and lifestyle amenities within two miles of THE YIELD Holly Springs, including Main Street Corridor and Holly Springs Towne Center.
Photography, renderings, and site plans for Phase 1 and 2 of THE YIELD Holly Springs can be found here. For more information, visit crescentcommunities.com and https://www.theyieldnc.com/the-yield-holly-springs/.
Phase 1 and Phase 2 have been designed by Timmons Group and O’Brien Atkins, with construction by Gilbane. John Brewer and Brian Carr at CBRE Raleigh represented Crescent Communities in the sale of the buildings to Apollo and GeneSuites and represent Crescent Communities in its leasing needs. Ann-Stewart Patterson at CBRE Raleigh represented Apollo and GeneSuites in the sale of the Phase 1 buildings.
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.
Nuveen Real Estate is one of the largest investment managers in the world with $156 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 85 years of real estate investing experience and more than 745 employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com/realestate.
*Includes 355+ real estate investment professionals, supported by a further 385+ Nuveen employees. Source: Nuveen, 31 Mar 2022.