New York-based Turnbridge Equities has acquired The Creamery, an 82,000 s/f mixed-use property at 400-410 Glenwood Avenue, Raleigh, N.C., for $34.7 million.
Jason Davis, managing director for Turnbridge Equities, announced the acquisition of the fully leased property whose tenants include Sullivan’s Steakhouse, Milk Bar, RE/MAX and Precision Hawk.
The property, which dates back to the 1920’s, consists of approximately 48,000 s/f of retail and commercial space in the Glenwood South neighborhood, along with over 24,000 s/f of Class A office space and ten loft apartment units.
Turnbridge plans a renovation and repositioning of the property to attract more commercial tenants.
The company said it will also explore opportunities to add new uses to the property and increase the utilization of underdeveloped portions of the property.
The property was originally built as a dairy plant for the Pine State Creamery.
The acquisition marks Turnbridge Equities’ second investment in the Research Triangle, after its acquisition of the 87-acre Cary Towne Center Mall, and follow-on acquisition of the mall’s Dillard’s department store, which Turnbridge Equities successfully rezoned in December 2019.
“The Research Triangle is a core market for us, given its diverse economy that is anchored by government and education and driven by life sciences and technology,” said Turnbridge Equities Managing Principal Ryan Nelson.
“This is obviously a very challenging time in the capital markets,” remarks Turnbridge Equities founder Andrew Joblon, “but we were very fortunate to have a reliable lender in ACORE Capital, which honored its commitment to close the transaction efficiently, despite the market distress that has sidelined a lot of lenders.”
Turnbridge Equities acquired the property from Northpond Partners, LLC. Reid Jones and Bert Nowell of Mikels and Jones Properties, Inc. brokered the transaction for Turnbridge Equities.
The debt financing was arranged by Christopher Peck, Roger Edwards and their teams at JLL in New York and Raleigh, and a $19.5 million mortgage loan was provided by ACORE Capital.
Deborah Astrove, partner at Friedlander Misler, represented Turnbridge Equities in the acquisition, and Gina Mavica, partner at Baker Hostetler, represented Turnbridge Equities in the financing.