Chicago firm Northpond Partners and Raleigh-based Loden Properties teamed up to pay $38.4 million for the South Hills Mall and Plaza in Cary. It’s the pair’s latest in a string of recent investments in the area.
Northpond Partners, an investment firm that specializes in commercial real estate projects in historic and redeveloping parts of U.S. cities, has purchased the Terminal Station that was built by the Southern Railway in 1909 and served as an entryway to Chattanooga for rail passengers for nearly a century.
Northpond Partners recently announced it has acquired Packard Place in Charlotte, North Carolina. The mixed-use building totals 95,128 square feet and is centrally located at 222 South Church Street in downtown Charlotte, which is home to retail and office tenants including Ink N Ivy, Not Just Coffee, Arts & Science Council, and Insight Enterprises.
The Gateway Plaza project will be Northpond’s 12th investment in the Triangle. Most recently, the company repositioned and sold the historic Creamery property in downtown Raleigh. New York-based Turnbridge Equities paid $34.7 million for the property in late March.
New York City-based Turnbridge Equities paid $34.7 million for the nearly-century-old Creamery building and two adjacent parcels in downtown Raleigh’s Glenwood South neighborhood earlier this week. The seller was Chicago-based Northpond Partners.
Northpond Partners, the Chicago real estate firm that bought Uptown’s Calhoun Square last fall, is considering a significant renovation that would slice the high-profile property in half and create an open-air pedestrian walkway through its midsection.
“We are super cognizant and understand that Calhoun Square has not been working,” Ankin said, in an interview Thursday morning. “We really believe that’s not because of the location or the neighborhood. That’s because of the mix of the building and the wrong tenants.”
St. Louis Park, Minnesota-based Paster Properties has partnered with Chicago-based Northpond Partners to acquire The Broadway in Northeast Minneapolis and Icehouse Plaza in South Minneapolis. The purchase closed Dec. 19.
In every generation there are those who strive to make a difference. And surely, the retail real estate industry teems with opportunities for talented people. The recipients of ICSC’s third annual 4 Under 40 Awards can be said to have embraced the possibilities with gusto. This year’s honorees are Sam Ankin, co-founder and a managing principal of Northpond Partners . . .
“The highly competitive sale had more than 20 offers and the seller chose Northpond Partners since its proposed redevelopment will utilize the existing structure. The new owner plans an adaptive re-use of the distinctive property which was built in 1904,”