DRA Advisors and CBL & Associates Properties, the owners of Triangle Town Center, sold Triangle Town Place, a shopping center across the street from the mall that houses Dick’s Sporting Goods, for $30.25 million on Dec. 15.
“DRA really wants to focus 100 percent of the time on Triangle Town Center, and they see a lot of opportunity for growth and redevelopment of the mall itself,” said Robin Shields, director of financial services for CBL.
The buyer is Cole Income Strategy Daily NAV, a real estate investment trust and division of Phoenix, Ariz.-based real estate operating company VEREIT, said Jessica Emanuele, a spokeswoman with a media relations firm representing VEREIT.
The 150,000-square-foot shopping center at 3630 Sumner Blvd. in Raleigh includes Bed Bath & Beyond, DSW, Party City and Kirkland’s.
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Emanuele would not comment on the future of the Triangle Town Place site, but according to the buyer’s website, the corporation invests in commercial properties leased to “creditworthy tenants under long-term net leases.”
VEREIT owns and manages 4,213 retail, restaurant, office and industrial developments with 98 percent occupancy across the country, according to Wake County records. The company owns 171 properties in North Carolina, including those that are home to a SunTrust Bank, Mattress Firm, Boston Market, Bruegger’s Bagels and Red Lobster in Raleigh.
DRA Advisors, a New York-based real estate investment organization, purchased a majority investment in Triangle Town Center from the Richard E. Jacobs Group and CBL & Associates Properties in February for $174 million. This included assuming responsibility for a $171.1 million loan secured by the property.
CBL, a real estate investment trust based in Chattanooga, Tenn., that also owns Cary Towne Center, retains 10 percent ownership of Triangle Town and is responsible for leasing and managing.
Shields said DRA plans to move forward with the redevelopment of the outdoor commons area at Triangle Town Center in the coming year.
“(The commons area) is in need of some tender loving care,” she said. “They really see the potential to develop that area into a kind of a thriving, entertainment destination type of venue.”
She said DRA also is interested in developing a couple of vacant outparcels as mixed-used developments in the coming years, as well as making the mall “more accessible, open and inviting.”
“I know that they’re very excited about this property. They view it as having a lot of long-term potential,” Shields said.
Kathryn Trogdon: 919-829-4845: @KTrogdon