Raleigh, N.C. — Armstrong Capital Development (ACD) has acquired Townridge Shopping Center, a 273,105-square-foot retail property located in Raleigh. Walmart and Planet Fitness anchor the center, which was 96 percent leased at the time of sale. Other tenants include Chipotle Mexican Grill, Advance Auto Parts, Cato, AT&T, Burger King, Edible Arrangements and Papa Johns Pizza, according to LoopNet Inc. The property features five buildings at Townridge Shopping Center, along with a single building at the adjacent Village at Townridge, that function together as a unified commercial site.
Tom Kolarczyk, Michael Nieder and Brian Page of JLL represented the seller, Zeisler-Morgan Properties, while Travis Anderson and Ward Smith, also of JLL, secured $26.5 million in acquisition financing for the transaction.