DRA invests in North Carolina retail project
DRA Advisors has purchased a 90 percent stake in the Triangle Town Center in Raleigh, N.C., for $328 million from a joint venture between CBL & Associates Properties and the Richard E. Jacobs Group.
The Richard E. Jacobs Group exited its ownership while its partner CBL’s interest decreased to 10 percent from 50 percent. CBL will continue to manage the shopping mall.
The new owners said in a statement they restructured the loan in order to move ahead with improvements on the 1.4 million-square-foot mall.
The Raleigh retail market is a smaller market, with $333 million in completed deals in 2015, according to Real Capital Analytics. In fact, the market is so small it did not make the top market list in RCA’s 2015 year-end report.
The DRA acquisition is the largest deal in years and helps make the first quarter 2015 transaction volume the highest quarterly activity in years. Thus far, first quarter 2015 has had nine shopping cent