Heidenberg Properties has made its first move into North Carolina, acquiring Triangle Town Place, a 148,538-square-foot shopping center in Raleigh anchored by Dick’s Sporting Goods and Nordstrom Rack. The deal, announced this week, puts a new owner in charge of a retail property that sits across Sumner Boulevard from Triangle Town Center, one of the city’s busiest commercial corridors.
According to New York Real Estate Journal, Heidenberg Properties Group acquired the center from RCG Ventures, with Norse Realty Group and DG Raleigh also participating in the acquisition. The purchase marks Heidenberg’s entry into the North Carolina market. Jason Lazar, the firm’s chief operating officer, said the acquisition offered entry to a high-growth core market and expanded the portfolio’s footprint farther south, per the same report.
Triangle Town Place sits on a 15.34-acre site on Sumner Boulevard, just off U.S. Route 1, a corridor that carries roughly 50,000 vehicles a day. The center is about 1.5 miles from I-540, which sees approximately 73,500 vehicles daily, and offers 675 parking spaces, a ratio of 4.5 spots per 1,000 square feet of retail. Dick’s Sporting Goods anchors roughly 75,000 square feet of the center, while Nordstrom Rack occupies about 31,067 square feet; DSW and Dollar Tree round out the tenant lineup. The center is more than 92 percent occupied, the trade publication reported.
A Shopping Center With a History of Changing Hands
This isn’t Triangle Town Place’s first sale. bizjournals.com reported that RCG Ventures bought the property for $29.55 million, while a decade earlier, DRA Advisors and CBL & Associates Properties sold the center for $30.25 million on December 15, 2016, according to newsobserver.com, which described the property at the time as a 150,000-square-foot shopping center at 3630 Sumner Blvd. RCG Ventures, based in Atlanta, Georgia, has a national retail portfolio and served as a cooperative counterparty in the latest deal, with Berkeley Capital Advisors advising RCG in the transaction…