Corebridge Real Estate Investors (CREI) has announced the formation of a strategic joint venture with ACD Fund V, LP, an affiliate of Armstrong Capital Development (ACD), to acquire and develop high-quality retail assets in select high-growth markets across the United States. The venture completed its inaugural acquisition with the purchase of Townridge Shopping Center, a 273,105-square-foot retail center in Raleigh, N.C.
Townridge Shopping Center occupies one of the highest-traffic intersections in Wake County and sits along a primary commuter arterial connecting Raleigh to Durham and Research Triangle Park. The center serves a growing, affluent trade area with an average household income of approximately $134,000 and a population of nearly 80,000 within a three-mile radius.
“This acquisition reflects our confidence in the enduring strength of necessity-oriented retail and our belief that select retail opportunities can offer compelling risk-adjusted returns in toda
