ACORE Lends $38M on North Carolina Regional Mall Purchase
ACORE Capital has provided $38 million to Turnbridge Equities for the purchase of the Cary Towne Center, a regional shopping mall in Cary, N.C., according to an alert from brokerage Newmark Knight Frank.
An NKF investment sales team led by Thomas Dobrowski and Katharine French represented the seller, Chattanooga, Tenn.-based CBL Properties, in negotiating the purchase.
NKF’s Dustin Stolly and Jordan Roeschlaub, Daniel Fromm and Stephen Feinberg arranged the acquisition debt on behalf of of the buyer.
“Turnbridge has identified a truly generational and transformational investment opportunity in not only one of the highest growth submarkets in Raleigh, but nationally as well,” Stolly said in a statement.
Built in 1974, the 828,000-square-foot mall is at 1105 Walnut Street in the heart of the state’s Research Triangle, which includes Chapel Hill, N.C., Raleigh and Durham. It is situated on 76 acres and was last renovated in 2007, according to information from NKF. Tenants at the enclosed shopping center include Dillard’s, Jos. A. Bank and Foot Locker; it also features a Jumpstreet indoor trampoline park.
On Jan. 31, J.C. Penney announced that it would be closing its Cary location on May 3 as part of its assessment of its financial wherewithal. Earlier that month the company indicated that it would aim to close at least three stores by the spring.
“As part of a standard annual review, J.C. Penney can confirm that it will be closing its store located at Cary Towne Center in Cary, N.C.,” the company said in a statement at the time. “This decision is the result of an ongoing review of our store portfolio, which includes assessing locations that may not meet our required financial targets or represent an opportunity to capitalize on a beneficial real estate asset.”
J.C. Penney still holds two stores within the Research Triangle, at 1261 Lassiter Mill Road in the North Hills section of Raleigh and at a mall called The Streets of Southpoint at 6910 Fayetteville Road in Durham.
An official at CBL Properties did not immediately respond to a request for comment, nor did Turnbridge Equities Managing Principal Ryan Nelson.