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Turnbridge Equities Takes Raleigh’s The Creamery MXU
New York-based Turnbridge Equities acquired The Creamery, an 82,000-square-foot mixed-use property at 400-410 Glenwood Ave., Raleigh, NC, from Northpond Partners, LLC for $34.7 million. The property, which dates back to the 1920’s, consists of roughly 48,000 square feet of retail and commercial space in the thriving Glenwood South neighborhood, along with over 24,000 square feet of Class A office space and 10 loft apartment units.
The property is fully leased to multiple tenants, including Sullivan’s Steakhouse, Milk Bar, RE/MAX and Precision Hawk.
Turnbridge plans a strategic renovation and repositioning of The Creamery, with new uses and better utilization of underdeveloped portions of a property originally built as a dairy plant for the Pine State Creamery.
Mikels and Jones Properties, Inc.’s Reid Jones and Bert Nowell brokered the transaction for the buyer. Debt financing was arranged by JLL’s Christopher Peck and Roger Edwards, and a $19.5 million mortgage loan was provided by ACORE Capital.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




