Raleigh-Durham retail center sells to an affiliate of Northpond Partners for $38.4M
JLL Capital Markets closed the sale of the South Hills Mall & Plaza in a high-traffic location in Cary, North Carolina
RALEIGH, N.C., Dec. 1, 2021 – JLL Capital Markets announced today that it has closed the $38.4 million sale of South Hills Mall & Plaza, a 365,000-square-foot retail center in the Raleigh-area community of Cary, North Carolina.
JLL marketed the property on behalf of the seller, South Hills Shopping Center, Inc. An affiliate of Northpond Partners acquired the asset.
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 & Title Agency, Baker’s Dozen Donuts, D&S Cafeteria, Crazy Fire Mongolian Grill and many more.
The JLL Capital Markets team representing the seller was led by Director Sarah Godwin, Senior Director Thomas Kolarczyk and Executive Vice President Matt Winters.
“South Hills is a destination that has supported many successful tenants over its rich history, spanning many decades,” Godwin said. “This location provides incredible access to the heart of the Triangle."
“The property is ripe for additional densification and reconfiguration,” Kolarczyk added. “All parties are excited to see what’s next for South Hills.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northpond Partners
Northpond focuses on the acquisition, development and redevelopment of retail and mixed-use properties at prime locations in select urban and suburban markets domestically. Leveraging decades of expertise and relationships, Northpond targets value add and opportunistic investment strategies. Through a hands-on management approach, Northpond is able to reposition, remerchandise or redevelop properties – creating places for people to gather, live, work and play. For more information: northpond.com.