Crabtree Valley Mall, once Raleigh’s dominant shopping destination before a wave of competition was built, has been acquired for $290 million by the California real estate company Macerich.
Why it matters: Crabtree Valley Mall has been on the selling block for several years, after its owner, CVM Holdings, considered and then abandoned plans to redevelop the mall into a mixed-use destination.
- Redevelopment at the mall has long been complicated by the facility’s location next to Crabtree Creek, which is prone to flooding.
The big picture: While still home to…..