Cary Towne Center
Turnbridge Equities acquired Cary Towne Center, a 980,000 SF, 87-acre regional mall located in Cary, NC, just outside of downtown Raleigh, in January 2019. The property was acquired 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. 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, greatly enhancing the property’s value. During pre-development, Turnbridge executed a sale of the entire property to Epic Games, the creator of Fortnite, for its corporate headquarters.