Joint venture acquires Triangle Town Center for $174M

A joint venture has acquired the Triangle Town Center mall in North Raleigh for $174 million.

DRA Advisors is the new majority owner of the mall with a 90 percent stake. The remaining 10 percent is owned by CBL & Associations.

CBL had owned Triangle Town Center in a 50/50 joint venture with The Richard E. Jacobs Group.

The purchase price included the assumption of $171 million in debt.

The new ownership group restructured the loan, which had matured in December. The modified loan matures in December 2018, with an option for a two-year extension. The interest rate on the loan was reduced from 5.737 to 4 percent.

The new owners say that the debt restructuring allows them to move ahead with improvements at the mall.

“This property is ideally situated to capitalize on the path of growth within metropolitan Raleigh, and we look forward to working with CBL to position Triangle Town Center as one of Raleigh’s dominant retail destinations,” said Andrew Peltz, DRA’s managing partner, in a statement.

This story was originally published February 8, 2016 at 5:59 PM with the headline "Joint venture acquires Triangle Town Center for $174M."