Jarrett Armstrong Of Armstrong Capital Acquires Townridge Shopping Center In Raleigh For $36M

The Townridge Shopping Center, situated at 6500 Glenwood Avenue, Raleigh, NC, is a retail property that has recently been acquired for $36 million. This center spans 273,105 square feet and is currently 96% leased, featuring key tenants including Walmart and Planet Fitness. The property was sold by Zeisler Morgan Properties and included a $26.5 million loan from PNC Bank. The property’s leasing structure entails that approximately 95% of its space is under market rent, suggesting potential for significant revenue enhancement.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $36,000,000
• Buyer: Jarrett Armstrong - Armstrong Capital
• Seller: Shannon Blackwell - Zeisler Morgan Properties
• Broker: JLL
• Square Footage: 273,105
• Price Per Square Foot: $132
• Loan Amount: $26,500,000
• Leased Percentage: 96%
• Anchor Tenants: Walmart, Planet Fitness
• Potential NOI Growth: $930,000 over four years

JLL Capital Markets facilitated this transaction, acting as the broker for the sale between Jarrett Armstrong of Armstrong Capital who purchased the property and Shannon Blackwell representing Zeisler Morgan Properties in the sale.