CVS Health Signs 20-Year Lease to Anchor NC Student Housing Community

CVS Health will serve as the anchor retail tenant for Stanhope, a new $78 million off-campus student housing community at North Carolina State University that Kane Realty Corporation is developing.
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Raleigh, N.C.—CVS Health will serve as the anchor retail tenant for Stanhope, a new $78 million off-campus student housing community at North Carolina State University that Kane Realty Corporation is developing.

The upscale 822-bed project will include 25,000 square feet of retail space with a focus on green living at NC State University. The project is part of the recent revitalization of Hillsborough Street.

“It’s a tremendous asset for Hillsborough Street and for Stanhope,” John Kane, Kane Realty Corp.’s CEO, tells MHN. “Retail on the street has been challenging for the last number of years, and this will establish it as a really strong retail location and bring good foot traffic to the area.”

Located just steps from NC State University and less than one mile from Meredith College, Stanhope is situated at 3001 Hillsborough St., and is scheduled to open in Summer 2015.

CVS will occupy 12,226 square feet at the corner of Hillsborough Street and Friendly Drive and will include a pharmacy, drug store and light grocery items.

“Having 800-plus student beds above the store, plus being so close to NC State University, I think was very attractive to CVS,” Kane says. “The proximity to the school and the rejuvenation of the area all play a role. Stanhope is a big investment that we’re making and I think it’s going to be a strong retail environment for them.”

Kane Realty Corporation is close to leasing the remaining 12,744 square feet of retail space with other recognizable merchandise shops and restaurants coming in.

“We’re heavily marketing the rest of our retail space and we’re very close to making deals with users for the space; there’s high demand for it,” Kane says. “Having CVS as the anchor tenant is a huge draw, absolutely.”

Those living at Stanhope have options of studio, one-, two-, three- and four-bedroom apartments. All will be fully furnished and include televisions with cable and HBO, Energy Star appliances, granite countertops, wood plank style flooring, smart key unit entry system, washer and dryer and more.

Amenities for the mixed-use community will include an oasis saltwater pool with splash deck, outdoor courtyards with televisions, fire pits, grills and open green space, integral parking deck, hi-tech cyber lounge, study lounges on each floor, art studio, two-story game room, fitness center with cardio mezzanine and two tanning rooms, plus ground level retail and restaurants.

The entire property will also be equipped with high-speed Wi-Fi, and will employ an onsite maintenance and management staff.

Kane Realty Corporation will lease and manage the retail space. The project team also includes Little Diversified Architectural Consulting and Clancy & Theys General Contractors.