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| Chef Scott Crawford |
JLL represented the developer, a partnership between Hines, Columbia Development and USAA Real Estate, to arrange the construction financing with Bank OZK.
In addition to being one of the largest construction loans in the Triangle region, this is also the largest construction loan to close for a retail-driven project in the U.S. since the start of the COVID-19 pandemic, according to Real Capital Analytics.
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| Steve Palmer |
The developer will begin vertical construction in November 2020. In 2019, HFF, now part of JLL, arranged the joint venture equity investment for the first phase of Fenton’s development.
“This is the final piece of the puzzle that allows the project to move forward with vertical construction,” said Paul Zarian, Director at Hines.
“Especially in light of the current economic climate, we are grateful for the confidence that Bank OZK has placed in the development team and appreciative of JLL’s tremendous efforts and leadership to secure this facility.”
Fenton is positioned along I-40 and Cary Towne Boulevard, a prominent interstate interchange that occupies a premier, central location in the Triangle.
The first phase of the project will include approximately 345,000 square feet of shops, restaurants and entertainment space, 200,000 square feet of office space, a 175-key boutique hotel and a recently announced multi-housing community, The Canopy at Fenton, which will consist of 357 luxury apartments.
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| Chef Ford Fry |
Fenton’s dining scene will also have an impressive roster of chef-driven restaurants, including Chef Scott Crawford’s Crawford Brothers Steakhouse, Steve Palmer’s Italian restaurant Colletta, Chef Ford Fry’s tex-mex concept Superica and chef Michael Lee’s M Sushi.
Other tenants include anchors Wegmans and CMX CinéBistro, as well as Honeysuckle Gelato, Crú Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry and Blo Salon.
The JLL Capital Markets team representing the developer was led by Managing Directors Chip Sykes and Roger Edwards.
“My partners and I at JLL are grateful for the opportunity to have worked on this visionary project, particularly with the wonderful development team of Columbia Development, Hines and USAA Real Estate,” said Sykes.
“Together, and with our friends at Bank OZK, we were able to drive this financing to the finish line in such a challenging environment.”
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| Paul Zarian |
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries.
Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services.
The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet.
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| Chip Sykes |
The firm’s current property and asset management portfolio includes 527 properties, representing over 224 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
Columbia Development is a privately held real estate development firm based in Columbia, South Carolina, with offices in Atlanta, Georgia, Charleston, South Carolina and Raleigh, North Carolina.
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| Roger Edwards. |
Columbia’s team 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.
Columbia Development is currently constructing six projects totaling more than one million square feet and has a predevelopment pipeline in excess of five million square feet.
Columbia’s
team has vast experience in the areas of site selection, development, finance,
construction and leasing.
CONTACT:
Natalie Passarelli
JLL
Senior Associate
Public
Relations
Phone: +1 224 477 7307
Email: Natalie.Passarelli@am.jll.com
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