Cary Towne Center sold

CARY, N.C. (WTVD) -- Less than 24 hours after JCPenney announced it will close its store at the mall, Cary Towne Center was sold to investment groups out of New York and Dallas.

Terms of the sale were not disclosed.

"We're excited to be a part of the Cary community and the greater Research Triangle. The area really has an unparalleled growth trajectory given its high quality of life, exceptional educational institutions and strong technology and healthcare driven economy," said Jason Davis, Managing Director of Turnbridge Equities, one of the buyers. "Cary has received national acclaim as one of the best places to live and work in the country, which coupled with its prime location in the heart of the Research Triangle made it an obvious place for us to choose to invest."

Turnbridge Equities said in a news release that is has a track record of successfully acquiring, developing, repositioning and operating properties throughout the U.S.

The mall will continue normal operations.

Andrew Joblon, founder and managing principal of Turnbridge added, "After exploring many viable opportunities throughout the Southeast, we have selected the Research Triangle, and specifically Cary, for our latest investment, given the region's vibrancy and prospects for sustained economic growth."

The other buyer is Denali Properties, based in Dallas.

The company said it is focused on the acquisition and development of retail, office, multifamily and mixed-use properties across the Sun Belt.

Last May, IKEA announced it was no longer planning to open a store at Cary Towne Center.
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