Corebridge Real Estate Investors and a fund managed by Armstrong Capital Development have formed a venture focused on acquiring and developing retail assets in select high-growth markets across the United States. The partnership has closed its first transaction with the acquisition of Townridge Shopping Center, a sizable retail property in Raleigh totaling 273,105 square feet.
Townridge Shopping Center is anchored by Walmart and was reported to be 96 percent leased at the time of sale. The high occupancy at the property provides in-place income for the new ownership venture as it launches its broader strategy to target retail opportunities in markets experiencing elevated growth.
JLL Capital Markets arranged both the sale and the acquisition financing for the transaction. The firm completed a $36 million sale of Townridge Shopping Center and sourced $26.5 million in acquisition financing for the buyer venture. Specific loan terms and lender details were not disclosed in the announcement.
Zeisler-Morgan Properties was the seller of Townridge Shopping Center. JLL Capital Markets’ Investment Sales and Advisory team, led by Tom Kolarczyk, Michael Nieder and Brian Page, represented the seller in the disposition. On the debt side, Travis Anderson and Ward Smith with JLL were responsible for securing the acquisition financing.
Corebridge Real Estate Investors is the real estate equity investment management division of Corebridge Financial. According to the announcement, Corebridge Real Estate Investors oversees an $8 billion portfolio of real estate assets under management, encompassing approximately 35 million square feet across property types. The Townridge transaction adds a large-format, Walmart-anchored center in Raleigh to that portfolio through the new venture with Armstrong Capital Development.
The acquisition and financing of Townridge Shopping Center demonstrates continued capital flows into well-leased, anchor-tenant-driven retail properties in growth markets. With a national mandate to pursue additional retail acquisitions and development, the Corebridge and Armstrong venture is positioned to pursue similar opportunities in other high-growth U.S. markets.
