Officials said an officer responded to the scene just after 3 p.m. on Pleasant Valley Road near Glenwood Avenue and found the suspect--later identified as 52-year-old Keith Dutree Collins.
Video of the shooting has not been released. A judge, abiding by a request from Collins' family, ordered the video not be distributed to the public. However, it is viewable upon request.
WATCH: Ed Crump describes what the body camera video shows
Raleigh Police Department released a full statement describing what happened during the shooting.
Officers had received calls about Collins acting strangely near the Big Lots in the Townridge shopping center. One caller said she saw a black handgun fall out of Collins' pants, before he picked it up and put it back in his pants.
Officer W.B. Tapscott was the first to arrive at the scene. Raleigh Police Department said Tapscott tried to talk to Collins, but he raised his hands in the air before turning and running away.
Tapscott followed after him. Collins reached for the front of his pants, where the caller said he had placed the gun.
Tapscott slowed down and ordered for Collins to show his hands. When Collins turned and pointed a gun at the officer, the officer fired his weapon four times.
Collins fell to the ground.
Police say Collins then pointed his weapon at the officer again, causing Tapscott to fire another three shots.
Tapscott then moved back to a nearby utility pole, but when Collins attempted to get up and point his weapon at Tapscott again, the officer ordered him to the ground before firing another four rounds.
A total of 11 shots were fired during the exchange. Collins was taken to the hospital where he later died.
Community activst Diana Powell said the number of shots fired bothered her.
"It was too many shots," Powell said. "Once he was down I think the shots should have stopped."
However, Raleigh Police Protective Association representative and former officer Rick Armstrong said he felt the use of force was not excessive.
"From what I witnessed it looked as if it was still a threat until he stopped firing," Armstrong said.
At the end of the video, as Collins is handcuffed, he can be heard saying, "It ain't nothing but a BB gun."
A representative for the Collins family said they are planning to speak to media about their son's life Thursday.