Cary Towne Center

Distressed Retail / Cary, NC

Distressed mall in the heart of the Research Triangle provides critical mass for placemaking at an attractive basis

Acquisition Sourcing

Acquired a distressed super regional mall, on 76 acres, in a short sale from a public REIT that had failed in its prior redevelopment efforts. Subsequently completed the assemblage by purchasing the Dillard’s department store and its 11 acres of land to create an 87-acre property in the heart of North Carolina’s Research Triangle.

Capital Structuring and Deal Execution

The attractive acquisition basis and in-place cash flow allowed for a low-leverage, non-recourse acquisition loan. Subsequent to the acquisitions, Turnbridge successfully wound down mall operations through terminations and relocations of long-term tenants, as well as the negotiation of a buy-out of the remaining mall anchor, Belk. 

Planning, Design, and Development

Completed a full rezoning of the property for up to 4.5 million SF of mixed-use development within ten months of acquisition. A diverse group of internationally-renowned architects and planners designed the framework for the redevelopment, which was designed to be a true mixed-use district featuring residential, office, retail, hotel, and civic uses.

Leasing, Marketing and Branding

Turnbridge marketed the redevelopment, Carolina Yards, to a group of local, regional and national office and retail tenants, receiving favorable feedback among a group of potential anchor tenants. 

Capital Event/Disposition

Prior to launch of the redevelopment, Epic Games, with whom Turnbridge had been discussing a build-to-suit headquarters within the development, purchased the entire property for use as its corporate campus at the fully-entitled land value.

1105 Walnut St Cary, NC
Raleigh-Durham Research Triangle
Asset Class
Covered Land, Distressed Retail
87 acres; 980,000 SF / Rezoned for approx. 4.5M SF
Date Acquired
January 2019
Date Sold
December 2020