A North Carolina developer has acquired a large parcel of land in Durham, five months after receiving rezoning approval from the city for a 300-acre mixed-use development.
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Charlotte-based Beacon Partners bought 119 acres in southeast Durham in a $20M deal with longtime partner Stephens Enterprises, the Triangle Business Journal reported.
The land will be used for mixed-use industrial buildings that will be part of a development called Durham Gateway.
The 119 acres are along Highway 70 and Leesville Road on the edge of Brier Creek. Stephens put the land up for sale in January 2023.
Durham Gateway is a joint venture with HM Partners and SFRE Holdings. It comprises 1,750 residential units and 1.3M SF of industrial and commercial space that will be built out in two phases. Beacon received rezoning approval for the 300-acre development from the Durham City Council five months ago.
CBRE’s Ann-Stewart Patterson, Austin Nagy and John Hogan handled the leasing and marketing for the project.
While there was some backlash to Durham Gateway when the project was approved in September 2025, Mayor Leo Williams said it would bring substantial benefits to the community.
Beacon has agreed to donate $1M to the Durham Dedicated Housing Fund, $50K to Durham Public Schools' capital needs, and $350K to a fire and emergency services grant project. Williams also said the project would feature affordable housing options.
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