Investor Team Picks Up Walmart-Anchored Raleigh Retail Center

Corebridge Real Estate Investors and a fund from Armstrong Capital Development are teaming up to acquire and develop 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.

JLL Capital Markets secured the $36 million sale and $26.5 million acquisition financing of Townridge Shopping Center, which is anchored by Walmart. The center was 96 percent leased at the time of sale.

Zeisler-Morgan Properties was the seller.

JLL Capital Market’s Investment Sales and Advisory team, led by Tom Kolarczyk, Michael Nieder and Brian Page, represented the seller. Travis Anderson and Ward Smith secured the financing.

Corebridge Real Estate Investors is the real estate equity investment management division of Corebridge Financial. CREI has an $8 billion portfolio of real estate assets under management, consisting of approximately 35 million square feet.