Business Briefs

CBL to sell majority ownership of Triangle Town Center in Raleigh

Posted February 3, 2015

Map Marker  Find News Near Me

— The owners of Triangle Town Center and the Triangle Town Place shopping center in north Raleigh reached an agreement to sell majority ownership of the property. 

CBL and its 50/50 joint venture partner, The R.E. Jacobs Group, executed a contract to sell the property to a new partnership between CBL and an institutional investor. The new investor will own 85 percent of the assets and CBL will retain 15 percent.

The deal for $181 million is expected to close later this year. 

7 Comments

Please with your WRAL.com account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all
  • JustWantedToSay Feb 4, 2015

    Hopefully the new owners can turn this mall around. It's actually a great area (as opposed to what some previous commenters have stated), very close to Wake Forest and easily accessible to most of North Raleigh. We go there and over the years are a little sadder each time. While the restaurants in the outer parking lots thrive (Macaroni Grill, Tripps) they die at the mall. Thinking about the long game would be helpful here, get the good businesses in with aggressive marketing, lower rents- get the business back! And a movie theater would be a great draw. So sad to see the stores closing and even the large department stores treating the branches here as second rate outlets. I hope for the best, this could be an awesome space!

  • thehitman Feb 4, 2015

    This mall will only survive if CBL is out of the picture totally. They have to be the worst leasing and management company ever. They also own Cary Town Center, another under performing mall.

  • -f Feb 4, 2015

    Hopefully the new owners can have the mall picked up and moved into a nicer area down the road about 5-10 miles or so.

  • simplylindsey2010 Feb 4, 2015

    If I were an investor within the R.E. Jacobs group I would be doing cartwheels right now. The upside on this property is nil. It happens in every town, each mall seems to attract certain demographic groups and socio-economic levels. Mid-town and Crabtree offer more for the upper socio-economic groups, plus many shoppers are avoiding brick and mortar stores and shopping on line. If I can get it on line I will not go to a store, too much of a hassle dealing with crowds and traffic. Oldest son and I went to Crabtree this weekend for something he wanted. Sixty minute wait at the Cheesecake Factory, and waited three cycles to get into the mall parking deck. WHY, do people do that continually?

  • newssaavy72 Feb 4, 2015

    I live near there and hardly ever go. They need to get some pointers from Crabtree and Streets at Southpoint!

  • tayled Feb 3, 2015

    View quoted thread


    That's for sure Malls in general ae dying because more people are choosing to shop online.

  • fireman1963 Feb 3, 2015

    won't make any difference. the place is dying......quickly!