Raleigh’s Crabtree Valley Mall sells after years with no takers. See how much
AI-generated summary reviewed by our newsroom.
- Macerich acquires Crabtree Valley Mall for $290 million after years unsold.
- Planned $60 million redevelopment aims to boost leasing and performance.
- Despite flood risks, mall draws over 8.7 million visitors and $429M in sales.
For over three years, Raleigh’s Crabtree Valley Mall sat on the market with no takers, facing an uncertain future.
Not anymore.
California-based real estate investment trust, Macerich Company, announced Tuesday that it has acquired one of the Triangle’s busiest shopping centers on Glenwood Avenue just outside the Beltline.
The price tag: $290 million.
“Crabtree checks all the boxes for pursuing opportunistic external growth,” said Jack Hsieh, Macerich’s chief executive officer, in a press release. He cited the mall’s “strong traffic and sales” and “high-growth market.”
Built in 1972, Crabtree is anchored by Belk and Macy’s and has over 200 total tenants, including Apple, Banana Republic and Brooks Brothers.
The acquisition is Macerich’s entry into the Southeastern market. Up until now, its properties have been concentrated in California, the Pacific Northwest, Phoenix/Scottsdale and the corridor from New York to Washington, D.C. It manages iconic shopping destinations such as Scottsdale Fashion Square in Arizona and Tysons Corner Center in Virginia,
Looking ahead, Hsieh said it plans to invest roughly $60 million to redevelop Crabtree and “maximize the center’s performance.”
The property is zoned for commercial mixed-use up to 12 stories.
In 2019, the mall’s longtime owners, CVM Holdings, announced plans for a $290 million redevelopment that included a 30-story mixed-use tower at the site of the former Sears building. There were also calls for a restaurant, office, hotel, entertainment and green spaces. But in the end, nothing happened.
Hsieh said Macerich’s proven leasing, management and redevelopment capabilities will “reinvigorate leasing momentum at Crabtree.” It will also create “a more inviting and refreshed ambiance” and reinforce Crabtree’s longstanding reputation within the community,” he said.
Despite headwinds, Crabtree Mall finds a buyer
In early 2022, the 1.3 million-square-foot mall hit the market — the first time since it opened in 1972, the Triangle Business Journal reported.
It has an assessed value of roughly $382 million, according to property records.
At the time, its owners faced dwindling prospects. Once a longtime fixture of American culture, traditional enclosed malls continued to struggle amid the rise of e-commerce and, more recently, the COVID-19 pandemic.
Crabtree was no exception.
Sears closed in 2018, while Charlotte-based Belk filed for bankruptcy in February 2021.
Prospective buyers also faced another challenge: The property was built in a floodplain. Crabtree Creek, a 29-mile tributary of the Neuse River, runs directly behind the mall. Its risk of flooding is listed as “high” on state floodplain maps for both hazard and impact.
Over the years, dozens of flooding events have affected the mall.
In 2006, heavy rains from Tropical Storm Alberto flooded the lower-level parking lots and parts of the main building. About a half-dozen stores sustained extensive water damage.
Most recently, in 2018, after two days of steady rain, Crabtree Creek jumped its banks, blocking several streets and flooding the mall’s grounds.
Even with these setbacks, Crabtree is considered one of the most successful malls in the Carolinas.
Crabtree currently generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors, according to CVM Holdings.
This story was originally published June 24, 2025 at 11:40 AM.
