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Cary Towne Center sold to out-of-state real estate firms

Can retail be rescued? Why so many U.S. stores are closing

Stores that have been staples of the American shopping tradition for decades are closing in large numbers. Take a closer look at the reasons why it’s so hard for retailers to stay open.
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Stores that have been staples of the American shopping tradition for decades are closing in large numbers. Take a closer look at the reasons why it’s so hard for retailers to stay open.

One day after JCPenney confirmed it was closing its Cary Towne Center store, the struggling shopping center was sold to Turnbridge Equities and its joint-venture partner Denali Properties.

The announcement came in a news release on Friday.

The purchase, according to the release, includes the 828,000-square foot mall and 76 acres at the intersection of Cary Towne Boulevard, Interstate 40, Walnut Street and SE Maynard Road in Cary.

The purchase price was not disclosed.

Turnbridge Equities is a New York private real estate investment and development firm and Denali Properties is a real estate firm in Dallas.

In a 2018 News & Observer story about IKEA backing out of plans to locate at Cary Towne Center, Stacey Keating, director of public relations and corporate communications for the mall’s owner, CBL & Associates Properties, praised the mall’s prime location and potential for redevelopment: “Cary Towne Center enjoys an excellent location in a dynamic and growing market, making it ideally situated for a future mixed-use redevelopment, and we look forward to revitalizing the heart of Cary’s retail area.”

IKEA is no longer planning to build its first Triangle store at Cary Towne Center off Interstate 40. It would have been the second North Carolina store, after one opened in Charlotte in 2009.

Andrew Joblon, founder and managing principal of Turnbridge said in Friday’s release: “After exploring many viable opportunities throughout the Southeast, we have selected the Research Triangle, and specifically Cary, for our latest investment, given the region’s vibrancy and prospects for sustained economic growth.”

When reached Friday afternoon, a spokesperson for Turnbridge and Denali had no additional comments on plans for the site.

Cary Towne Center originally opened as Cary Village Mall in 1979, anchored by Ivey’s (later Dillards) and Belk. The mall expanded and was renamed Cary Towne Center in 1991, when JCPenney, Sears and Thalheimers (later Macy’s) anchor stores were added. Sears closed its store there in January 2015 and Macy’s left in early 2016.

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