The Creamery

Turnbridge Equities acquired the historic Creamery building in March 2020. The Property, which occupies a full city block, consists of consists of approximately 82,000 square feet of retail and commercial space in the thriving Glenwood South neighborhood of Downtown Raleigh, in addition to the quarter-acre surface parking lot at 501 North West Street. The Property is fully leased to diverse group of tenants, providing strong in-place cash flow while Turnbridge prepares for a strategic renovation and repositioning of the Creamery and the development of under-utilized portions of the Property. The Property is located within the path of growth from the central business district into Glenwood South, which is home to several prominent new developments that will bring even stronger amenities, along with a greater daytime and residential population, to one of Raleigh’s most vibrant and authentic neighborhoods. Within ten month of acquisition, Turnbridge successfully rezoned the property to permit up to 40 stories of mixed-use development and is commencing pre-development.

Address
400-410 Glenwood Avenue
Raleigh , NC
Submarket
Raleigh
Asset Class
Mixed-Use
Strategy
Covered Land, Mixed-Use
Size
82,000 RSF
Date Acquired
March 2020
Date Sold
Currently owned by Turnbridge