Corebridge Real Estate Investors has formed a strategic joint venture with ACD Fund V, an affiliate of Armstrong Capital Development, to acquire and develop retail assets in select high-growth U.S. markets. The venture has completed its first acquisition with the purchase of Townridge Shopping Center, a 273,105-square-foot retail center in Raleigh, N.C.
“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 today’s market,” says Mark Hertz, managing director and head of U.S. originations at Corebridge Real Estate Investors. “Townridge combines a dominant anchor, an irreplaceable location, strong surrounding demographics, embedded rental growth potential and exposure to one of the most dynamic metropolitan areas in the Southeast. We are excited to re-enter the retail sector with an asset that offers both current income and multiple aven
