Turnbridge Equities acquired Cary Towne Center, an 980,000 SF, 87-acre regional mall located in Cary, NC, just outside of downtown Raleigh, in January 2019. Turnbridge acquired Cary Towne Center in a distressed sale driven by the loss of three of the mall’s five anchor tenants and an unsuccessful redevelopment effort, which left the mall approximately 65% occupied at the time of acquisition. Despite the mall’s distress, Turnbridge saw value in the property’s location in the heart of North Carolina’s rapidly growing Research Triangle, immediate access to I-40 and I-440, Cary’s outstanding demographics, and the secular shift toward walkable mixed-use places.  Upon acquiring the property, Turnbridge successfully assembled the unowned anchor parcels, removed the remaining long-term encumbrances, and rezoned the property for up to 4.5 million square feet of mixed-use set amid a walkable urban grid.  The new development, Carolina Yards, is expected to break ground in early-2021 with a first phase consisting of over 1.2 million square feet of mixed-use, including residential, office, retail and hotels.

Please visit www.carolinayards.com for more information.

Cary, NC: Cary Towne Center

Address

1105 Walnut St, Cary, NC

Submarket

Raleigh-Durham Research Triangle

Size

87 acres; 980,000 SF / Rezoned for approx. 4.5M SF

Type

Distressed Retail / Mixed-Use Placemaking

Date Acquired

January 2019