North Carolina shopping center sells for $129m
InvenTrust has acquired the Renaissance Center in Durham, N.C., for $129.2 million from Heitman, which sold the property on behalf of the Teachers Retirement System of Illinois and CBL & Associates, according to Real Capital Analytics.
The 355,000-square-foot shopping center sits on 31 acres, and tenants include REI, Cost Plus, New Balance, Nordstrom Rack and Starbucks. The retail asset was built in 2006 and originally acquired for $90 million as part of a portfolio.
This is the second retail transaction in the Raleigh/Durham market this year, according to RCA. In February, DRA Advisors purchased a 90 percent stake in the Triangle Town Center in Raleigh, N.C., from a joint venture between CBL & Associates and the Richard E. Jacobs Group.