A retail center in north Raleigh has changed hands.
Northpond Partners of Chicago has bought more property in the city, this time five lots at Falls River Town Center for a combined $31.5 million.
The 15.62-acre property houses anchor tenants Food Lion, Ace Hardware and Dollar General (NYSE: DG), along with a mix of food offerings, including Nantucket Grill and Uncorked, and service-oriented tenants, including a First Horizon Bank (NYSE: FHN) branch and Falls River Pharmacy.
The eight buildings, built between 1996 and 2007, total nearly 126,000 square feet of space. The latest assessed value of the land and buildings is $22.2 million. The parcels are located on Falls River Avenue, Shadowlawn Drive and Raven Ridge Road, just off Durant Road near Green Hills County Park.
The sellers were the Vanguard Property Group of Raleigh, Prime Investment & Development of Greenville and the Laura C. Brody Family Trust of Raleigh.
While Raleigh-based Loden Properties is not listed on the deeds, they have teamed with Northpond Partners on multiple properties in the Triangle. In 2020, the pair bought Gateway Plaza, a redeveloped retail space in the old Winn-Dixie shopping center at 2409 Crabtree Blvd.
In 2021, Northpond and Loden acquired mixed-use redevelopments 122 Glenwood and 401 Hillsborough in Raleigh as well as South Hills shopping center in Cary.
That same year, the two bought 505 W. Franklin in Chapel, the former site of the Chapel Hill News, and Rogers Alley in downtown Durham, which includes three historic buildings that among other things housed Durham’s first pharmacy.
The Falls River Town Center is Northpond Partners’ 19th investment in the Triangle, nine of which have since been sold, including the Creamery Building in Glenwood South.
Founded in 2016, Northpond Partners focuses on the acquisition, development and redevelopment of retail and mixed-use properties that are located in select domestic urban and suburban markets, which currently includes those in Georgia, Illinois, Minnesota, North Carolina and Tennessee.