Raleigh retail center trades hands for $36M & secures acquisition loan

CHARLOTTE, Aug. 10, 2026 –  JLL Capital Markets announced today that it has secured the $36 million sale and $26.5 million acquisition financing of Townridge Shopping Center, a 273,105-square-foot, Walmart-anchored shopping center located along Glenwood Avenue in Raleigh, North Carolina.

JLL represented the seller, Zeisler-Morgan Properties. The buyer was Armstrong Capital Development (“ACD”).

Townridge Shopping Center is strategically positioned at 6500-6602 Glenwood Ave. and Pleasant Valley Road, inside Raleigh's I-540 beltline in one of the city's most dynamic retail corridors. The property anchors a high-traffic intersection drawing 45,900 vehicles per day and is within three miles of Research Triangle Park, one of the nation's largest research parks, and Raleigh-Durham International Airport, which serves 15.5 million travelers annually.

Raleigh ranks as the second fastest-growing large U.S. city, according to the United Nations Population Division, and North Carolina was named the best state for business by CNBC in 2024. The Research Triangle region has added more than 750,000 residents since 2000, representing 68% cumulative population growth.

The shopping center is anchored by Walmart and recently welcomed Planet Fitness, which opened in January 2026 on a new 10-year lease. The property includes five buildings at Townridge Shopping Center and one at the adjacent Village at Townridge, housing a diverse tenant mix of national and local retailers. The center is currently 96% occupied with an average tenant tenure of 13.75 years.

The property's trade area demographics are particularly compelling, with 76,751 residents within a three-mile radius boasting an average household income of $118,973 and a 66.4% rate of bachelor's degree attainment or higher. Within five miles, the average household income rises to $123,744.

JLL Capital Market’s Investment Sales and Advisory team led by Senior Director Tom Kolarczyk, Managing Director Michael Nieder and Director Brian Page. Senior Managing Director Travis Anderson and Director Ward Smith secured the financing.

“This was a special investment sale as Townridge has not traded hands since Zeisler Morgan developed the Property over 50 years ago. It was a privilege to represent the seller,” said Kolarczyk. "This opportunity was highly sought after for that fact and represented a rare combination of Walmart-anchor and significant value-add upside through mark-to-market rent increases. Approximately 95% of the center's gross leasable area is currently below market, creating the potential to significantly increase net operating income and reshape the tenant mix." 

"This transaction underscores the strong institutional interest in well-located, value-add retail opportunities in high-growth Sunbelt markets," Nieder added. "The combination of a creditworthy anchor, substantial mark-to-market rent potential and proximity to one of the nation's fastest-growing metropolitan areas positioned this asset as an exceptional opportunity for Armstrong Capital Development."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

ACD acquired the property on behalf of its ACD Fund V, LP. Founded in 2005, ACD is a leading Denver-based real estate investment company that specializes in acquiring, developing, and managing essential commercial real estate properties.  ACD manages multiple committed funds designed to generate best-in-class returns for its investors.  For further information, visit www.acd-co.com.