Group Pays $174M for Majority Ownership in Raleigh’s Triangle Town Center Mallby Amanda Hoyle
Raleigh, NC – After months of negotiations and financial setbacks, a new ownership group has officially stepped in at Triangle Town Center mall promising a “fresh vision” and additional investment capital for long-delayed improvements to one of Raleigh’s flagship retail properties.
CBL & Associates Properties (NYSE: CBL) announced after the stock market closed Monday that it has finalized the majority sale of the Raleigh mall property to DRA Advisors LLC of New York.
The total property was valued at $174 million, and the deal includes assumption of a $171.1 million loan secured by the property. CBL will retain a 10 percent ownership stake in the property and keep control of its leasing and management duties.
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