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. The mall is situated in the heart of North Carolina’s rapidly growing Research Triangle with immediate access to I-40 and I-440. 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. Turnbridge intends to capitalize on the Research Triangle’s economic growth, Cary’s outstanding demographics and Turnbridge’s creativity and deep tenant relationships to revitalize the property.

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