First two buildings of the 30-acre mixed-use business community are now under construction
has broken ground on Wake Forest Exchange, a 30-acre mixed-use business community in Wake Forest, North Carolina. On completion, the development will include more than 175,000 square feet of flex/R&D, single-story medical office, and retail space. The project represents the first North Carolina development for the full-service and vertically-integrated commercial real estate development and management company. The Baltimore-based company established its Raleigh regional office in 2022 with Regional Partner Dustin Atkielski leading all operations. St. John Properties has developed a 12-state real estate portfolio valued at more than $5 billion.
St. John Properties is speculative constructing a 60,240 square foot flex/R&D building, the company鈥檚 signature product, and an 11,112 square foot single-story retail building. Wake Forest Exchange is situated near Capital Boulevard and South Main Street (Falls of Neuse Road) in Wake Forest. The business community, located less than five miles from Interstate 540 and approximately 13 miles north of Raleigh, is expected to support more than 640 jobs at final build-out and leasing. St. John Properties acquired the site in late 2023.
The full development plan calls for St. John Properties to speculatively develop six buildings, including three flex/R&D buildings, one single-story medical office building, and two inline retail buildings, which will provide convenient amenities to the tenants and employees of Wake Forest Exchange, as well as the surrounding community. Construction will be phased based on leasing pace, with the goal of executing the entire development by 2027.
鈥淎s long-term holders of commercial real estate, we鈥檙e excited to start our inaugural project in North Carolina and be a part of this thriving Wake Forest community,鈥� stated Atkielski. 鈥淲ake Forest Exchange will deliver highly-flexible spaces specifically designed and engineered to satisfy the differing real estate needs of life sciences, laboratory, technology, and small businesses, as well as restaurants and retailers interested in serving a growing regional population,鈥� he added. 鈥淯pon completion, the business community will become a significant economic development generator and tax contributor.鈥�
鈥淲e are thrilled to welcome St. John Properties to Wake Forest and celebrate the groundbreaking of Wake Forest Exchange,鈥� stated Wake Forest Mayor Vivian A. Jones. 鈥�Their investment reflects the vitality, strong business climate, and exceptional quality of life that define our community. Wake Forest is a special place where people want to live, work, and raise their families, and Wake Forest Exchange will be a tremendous asset in continuing our tradition of thoughtful and dynamic growth.鈥�
St. John Properties is differentiated among its peers by its philosophy of developing real estate space almost exclusively on a speculative basis. This enables the company to respond instantly to the emerging requirements of new and existing clients. The firm has broken ground speculatively on nearly one million square feet of space nationwide in each of the last five consecutive years.
The company鈥檚 signature flex/research and development asset class is a 鈥減art office/part industrial鈥� single-story building separated into bays which can be fully customed based on the end-users鈥� needs. St. John Properties鈥� flex/R&D product serves a broad array of businesses from high-tech companies with majority office need, to light manufacturing, to government contractors, and others.
鈥淪t. John Properties鈥� decision to launch their first North Carolina project right here in Wake Forest speaks volumes about the strength and future of our community,鈥� said Jason Cannon, President of the Wake Forest Business & Industry Partnership. 鈥淲ake Forest Exchange will not only attract innovative businesses and create quality jobs, but it will also enhance the vibrant lifestyle our residents enjoy every day. This project underscores why Wake Forest continues to be one of the most exciting and desirable places to live, work, and play in the region.鈥�
鈥淥ver the past two years, our team has formed strategic relationships in the business and real estate brokerage communities that prepared us for this moment,鈥� Atkielski said. 鈥淲ake Forest Exchange provides the first opportunity to fulfill our mission of developing best-in-class real estate products and making a meaningful and positive difference in North Carolina. We remain extremely diligent and aggressive in our efforts to secure new development opportunities locally.鈥�
Founded in 1971, St. John Properties, Inc. is one of the nation鈥檚 largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties鈥� 54-year history, the company has developed more than 24 million square feet of flex/R&D, office, retail, and warehouse space and has investments in over 3,000 residential units. The company proudly serves more than 2,600 clients in Colorado, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit .
