HOLLY SPRINGS, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired a 120-acre development site to expand The Yield, a $500 million life sciences development currently underway in Holly Springs, roughly 23 miles south of North Carolina’s Research Triangle.
Crescent Communities broke ground on the project’s first phase of development in December 2021, which will include two 105,000-square-foot biomanufacturing buildings, 52,000 square feet of lab and office space and retail. Phase I is scheduled for delivery this summer.
Crescent and Nuveen are set to break ground on the second phase of development later this year, which will expand the development through the addition of 2 million square feet of lab, office and manufacturing space. Further details on Phase II of the project were undisclosed.
The Research Triangle remains a top life sciences market in the U.S., with recently announced projects including the development of a $1 billion life sciences campus in Morrisville; the acquisition and expansion of Research Commons, a life sciences campus within Research Triangle Park in Durham; and the redevelopment of a 110,500-square-foot life sciences property in Raleigh.
John Brewer, Brian Carr and Ann-Stewart Patterson of CBRE are in charge of leasing for The Yield.
Crescent Communities is a Charlotte-based real estate investor, developer and operator of mixed-use communities. The company’s development portfolio includes 69 multifamily communities, 22 million square feet of commercial space and 60 single-family, master-planned housing communities.
Nuveen Real Estate is an investment manager with $142 billion worth of assets under management. The Chicago-based firm manages a suite of real estate funds and mandates across both public and private investments.
—Katie Sloan