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Corebridge JV buys Walmart-anchored Townridge Shopping Center in Raleigh
The 273,105-square-foot retail center changed hands for $36 million and was 96 percent leased at the time of sale.
Corebridge Real Estate Investors and a fund from Armstrong Capital Development have formed a joint venture to acquire and develop retail properties in high-growth U.S. markets, according to ConnectCRE.
The venture’s inaugural acquisition was the purchase of Townridge Shopping Center, a Walmart-anchored retail center in Raleigh that totals 273,105 square feet.
JLL Capital Markets handled the $36 million sale and arranged $26.5 million in acquisition financing for the property, which was 96 percent leased when the deal closed.
Corebridge Real Estate Investors is the real estate equity investment management division of Corebridge Financial, and ConnectCRE said the firm manages an $8 billion portfolio across about 35 million square feet.