Turnbridge Equities acquired Cary Towne Center, an 828,000 SF, 76-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 two of the mall’s five anchor tenants in 2017, as well as an unsuccessful redevelopment effort with IKEA, which left the mall approximately 65% occupied at the time of acquisition. Subsequent to the acquisition, Turnbridge acquired the Dillard’s department store, which sat on over 11 acres of land, to complete its assemblage, and successfully rezoned the entire 87-acre property for a mixed-use town center consisting of over 3 million square feet. The property is situated in the heart of North Carolina’s rapidly growing Research Triangle, with immediate access to I-40 and I-440. The investment will benefit from the Research Triangle’s economic growth, Cary’s outstanding demographics, and the secular shift toward walkable mixed-use places.

Cary, NC: Cary Towne Center

Address

1105 Walnut St, Cary, NC

Submarket

Raleigh-Durham Research Triangle

Size

828,000 SF / 76 acres

Type

Distressed Retail

Date Acquired

January 2019