Principal Financial Group has acquired a large-scale retail asset in Raleigh, purchasing the Capital Marketplace shopping center for $80.6 million. The open-air retail property spans 383,000 square feet, and the transaction marks a significant disposition for seller Finmarc Management.
Finmarc originally bought the property, then known as Plantation Point Shopping Center, in late 2021. During its hold period, the company executed a leasing and asset management strategy that increased occupancy to 97.5 percent, positioning the center as a nearly fully leased retail destination at the time of sale.
The property, now operating as Capital Marketplace, was delivered in 2006. It is anchored by a roster of national and regional tenants including Bob’s Discount Furniture, BJ’s Wholesale Club, Burlington, Dollar Tree, LA Fitness and ParTee Shack. In addition to these anchors, the center contains a mix of national and local retailers that help drive consistent traffic to the asset.
On the capital markets side, CBRE arranged the sale on behalf of Finmarc Management. The CBRE team of Adam Russ, Erin Varol, Ryan Sciullo and Casey Smith represented the seller in the transaction, marketing the center to investors and ultimately securing Principal Financial Group as the buyer.
Finmarc plans to recycle the proceeds from the disposition into new investments. According to the company, capital generated by the sale will support its objective of purchasing up to $400 million of commercial real estate assets in 2026, signaling an active acquisition pipeline over the next year.
Finmarc currently owns and manages a commercial real estate portfolio totaling more than 7 million square feet. Its investment strategy remains focused on both core and value-add opportunities across multiple property types, including office, retail, flex/office and warehouse/industrial assets.
The sale of Capital Marketplace underscores continued investor appetite for stabilized, grocery- and club-anchored or big-box anchored retail centers in established trade areas. With a strong tenant mix, high occupancy and institutional buyer profile, the transaction highlights how well-leased retail assets continue to attract capital even as investors remain selective.
