 |
| Sarah Godwin |
RALEIGH,
NC – JLL Capital Markets 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.
The
JLL Capital Markets team representing the seller was led by Director Sarah
Godwin, Senior Director Thomas Kolarczyk and Executive Vice
President Matt Winters.
 |
| Thomas Kolarczyk |
“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.”
 |
| Matt Winters |
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.
Contact:
Kimberly
Steele
PR, Capital
Markets,
Agency Leasing and
Valuation Advisory
JLL
T +1 713 852 3420
M +1 832 244 9994
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