Hines, the international real estate firm, along with co-developer Columbia Development Group, LLC and USAA Real Estate, today announced Fenton, a new 69-acre mixed-use district in the Cary submarket of Raleigh/Durham, North Carolina.
The development will offer 2.5 million square feet of retail, office, restaurant, hotel and multifamily. The initial phase will consist of a 99,000-square-foot Wegmans store; 263,000 square feet of specialty and experiential retail, including a movie theater and food hall; a 146,400-square-foot loft office; 350 apartment units; and a 175-key hotel.
Fenton will be located along Cary Town Boulevard at I-40, Town of Cary, Wake County, North Carolina, adjacent to the Wake Med Soccer Park. The highly-amenitized development is proximate to the regional job engine, the Research Triangle Park, as well as many of the area’s best residential neighborhoods and public and private schools.
“Fenton will create a unique, compelling destination for Triangle residents, with uncommon synergies between residential, office and experiential retail, and will fill a dining and entertainment void in the rapidly growing, affluent Cary market,” stated Hines Senior Managing Director Kurt Hartman.
“We are thrilled to have been chosen as the home for Fenton and can’t wait for all the jobs and opportunities it will bring to our community for decades to come,” said Mayor of Cary Harold Weinbrecht.
Fenton’s cosmopolitan mix of shopping, dining and entertainment has attracted notable tenants that include: Crawford Brothers Steakhouse, a new concept from five-time James Beard Award semifinalist Scott Crawford, Superica Tex-Mex by nationally-renowned restaurateur Ford Fry and Honeysuckle Gelato.
“On behalf of the Columbia Development team, we would like to extend our deepest gratitude to the State of North Carolina, the State Property Office, the Town of Cary, Wegmans, and entitlement team of Parker Poe Adams & Bernstein, McAdams, Drake Commercial Properties and Wakefield Beasley & Associates for their tireless efforts in assisting us to bring this project to fruition. We are humbled and grateful to have attracted world class partners in Hines and USAA Real Estate to take the next steps in creating a region-shaping project for generations to enjoy,” said Abbitt Goodwin, principal with Columbia Development.
“Likewise, we are enthusiastic about launching this partnership with Hines and Columbia Development to build this exciting mixed-use district in the Town of Cary,” stated Hailey Ghalib, executive managing director for USAA Real Estate. Edmund Donaldson, executive managing director for USAA Real Estate also commented “This transaction reinforces USAA Real Estate’s build-to-core strategy of investing in Class A, mixed-use projects in high-demand areas.”
HFF, one of the largest and most successful commercial real estate capital intermediaries, was engaged by Hines and Columbia Development to raise capital for the project, which is expected to break ground in the summer of 2019 with an opening in the fall of 2021.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
About Columbia Development Group, LLC
Columbia Development is a privately held real estate development firm based in Columbia, South Carolina with offices in Raleigh NC, Atlanta GA and Charleston SC. Columbia Development is actively engaged in the development of mixed-use destinations, regional and neighborhood shopping centers, and single-tenant retail assets throughout the Southeastern United States with a primary geographic focus on the Carolinas.
About USAA Real Estate
USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.