investing in transitional assets
OUR INVESTMENT TRACK RECORD
Led the development and/or repositioning of $9 billion of real estate invested across residential and commercial properties throughout the Northeast and Southeast
Featured Investment
Durham 10-acre
Development Site
Over a 12-month period, we renegotiated the existing long-term retail leases, zoned the property for a 2 million square foot mixed-use development site, and obtained entry into the North Carolina Brownfields Tax Credit Program
We recently sold the site in July 2022 to a Chicago-based life science and residential developer, achieving a 25x equity return on our initial $2 million equity investment
Acquired a 10-acre underperforming strip center in Durham, NC
We acquired a 10-acre retail strip center in Downtown Durham in August 2021. The site, known as Heritage Square, has the potential to be the largest urban development site in Raleigh-Durham
After acquiring the site, we worked to unencumber the site to allow for a large-scale mixed-use development
Land Repositioning & Predevelopment
Working with local and national third-party consultants, we created the site's development vision, produced a zoning-compliant massing study and ultimately a site plan design
We worked with city officials to determine the feasibility of our development vision, identifying ways to achieve added density through local building code & bonuses. The final product was a 2 million square foot mixed-use development site across life science and residential
Our Investments
Durham 10-Acre Covered Land Retail Center
Canvas acquired Heritage Square Shopping Center, a 60K square foot retail property on 10 acres in downtown Durham, NC. The strip center had an ~2% going-in cap rate, but could accommodate up to 2 million square feet of commercial and residential
Canvas entitled the land for a large mixed-use development and pursued predevelopment, including site plan approval. The site was sold to Sterling Bay in the fall of 2022, and Canvas achieved a 25x return on its initial $2M equity investment
Raleigh Neighborhood Retail Strip Center
In early 2024, Canvas acquired a 60K square foot unanchored retail strip center in Garner, NC, a fast growing pocket of the Triangle, located four miles south of downtown Raleigh
The covered land retail asset had an ~8% in-place cap rate at closing and is anchored by Family Dollar and New York Bride & Groom
Winston-Salem Infill Industrial Property
In July 2024, Canvas acquired a 60K square foot single-tenant infill industrial building in Winston-Salem, NC. Located in the Piedmont Triad region, the property is conveniently located off of Interstate 85, which provides strong connectivity to Raleigh-Durham, Charlotte and Atlanta
Eastern NC Infill Industrial Property
Acquired a 100K square foot single-tenant industrial property in Pitt County, NC. Canvas purchased the property at an in-place yield of ~9%. The property consists of three freestanding industrial buildings along with excess land for outdoor industrial storage.
News and Press
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Sterling Bay Buys Major Development in Downtown Durham
Development and investment firm Sterling Bay has picked up a major development in the fast-growing market in Durham, N.C., Commercial Observer has learned
A source familiar with the deal revealed the Chicago-based firm paid $63 million for the shovel-ready development on 9.6 acres in downtown Durham, which currently includes a Class C retail center
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Largest Urban Development Site in Raleigh-Durham Sold for $63M
JLL Capital Markets has arranged the $63M sale of a shovel-ready, 9.6-acre, mixed-use development site located in the heart of Durham, NC, one of the nation’s most robust growth markets
JLL marketed the property on behalf of the sellers, 606 Fayetteville LLC. The site, which is the largest urban development site in downtown Durham, was acquired by a prominent Chicago-based developer
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Chicago developer buys downtown Durham property for $62M
A property in downtown Durham has seen its value soar as a national real estate investor bets on the city
Known as Heritage Square, the 9.6-acre site along Fayetteville Street and East Lakewood Avenue just south of the Durham Freeway has been acquired by Chicago-based real estate developer Sterling Bay for more than $62 million, according to Durham County deed records
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