Shoppers say they hope new owner has new plans for Raleigh's Triangle Town Center

An Ohio-based bank appears to have purchased the Triangle Town Center out of foreclosure Thursday for nearly $120.4 million.

Posted 8:39 p.m. Jul 11, 2019 — Updated 12:00 a.m. Jul 12, 2019

Kasey Cunningham

, WRAL reporter

RALEIGH, N.C. — An Ohio-based bank appears to have purchased the Triangle Town Center out of foreclosure Thursday for nearly $120.4 million.

U.S. National Bank Association submitted the only bid at a foreclosure auction for the struggling mall off Capital Boulevard and Interstate 540 and 43 acres in Franklin County. Any other prospective buyers have 10 days to submit an upset bid of at least $126.4 million.

Mall owners CBL & Associates and DRA Advisors are said to be grappling with a debt load of nearly $100 million after they purchased the mall about three years ago for $174 million. DRA also agreed to take over $171 million in existing debt at the time as majority owner.

Representatives of U.S. National Bank couldn't be reached Thursday for comment on their plans for Triangle Town Center, but people who live and work nearby said they won’t be heartbroken if it no longer operates as a mall.

"I do not shop at Triangle Town Center," Ryan Robbins said.

"We kind of predicted [the foreclosure] because the stores, the major stores, were closing down one after another," Kamal Laghribi said. “I prefer Crabtree [Valley Mall], to be honest."

Crabtree Valley Mall announced last month that is pursuing a $290 million redevelopment that will transform it into a mixed-use development that will include retail, office space and a hotel that would operate in a 30-story tower.

Triangle Town Center is anchored by Saks Fifth Avenue, Macy's, Dillard's, Belk and Sears, but malls across the country are having to reinvent themselves – as Crabtree is planning – as customers and tenants leave because of the growing popularity of online shopping.

"It will be interesting to see what new buyers do with the mall property," said Raleigh City Councilman David Cox, who represents the mall area. "I think I’m kind of excited about it. The mall, I think, has been languishing for a while, and maybe this will be a way to jumpstart something new."

People are quick with suggestions for the 70-acre property.

"You could make it into a cafeteria hall. You could do custom restaurants and their high-end restaurants," Robbins said.

"I would like to see a soccer field or a park," Laghribi said, adding that, regardless of what happens to the mall, his shopping habits aren't likely to change.

"Mainly, I do all my shopping on amazon.com. I do my shopping online," he said.

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