An affiliate of Northpond Partners acquired Hills Mall & Plaza, a 365,000-square-foot retail center in the Raleigh-area community of Cary, N.C., for $38.4 million.
The seller was South Hills Shopping Center Inc.
South Hills Mall & Plaza is situated on nearly 34 acres at 1297 Buck Jones Rd. in Cary at a high traffic interchange of Highway 1/64 and Interstate 40 and 440, which carries more than 500,000 vehicles per day and is the largest interchange in the state. This location is one of the most desirable retail corridors in the area and serves an extended trade area that includes 186,591 residents with an average annual household income of $102,581 in a five-mile radius.
The 99 percent-leased South Hills Mall & Plaza comprises 10 parcels that are home to a variety of national and local retailers, including Northern Tool and Equipment, Roses, Tuesday Morning, Grand Asia Market, Anchor Auto Outlet, Mitchells Academy, Déjà Vu Furniture, NC License &a
