Heidenberg Properties Group Buys Raleigh's Triangle Town Place From RCG Ventures for $28.4 Million

Heidenberg Properties Group, a New Jersey-based retail owner and operator, has acquired Triangle Town Place, a 153,350-square-foot shopping center in Northeast Raleigh, North Carolina, for $28.4 million. The Oct. 22 purchase is the firm's first North Carolina property. The seller was Atlanta-based RCG Ventures.

Triangle Town Place, at 3630 Sumner Blvd., sits across from Triangle Town Center, according to Wake County deed records. The price works out to roughly $185 per square foot.

Triangle Town Place: Property Details

Built in 2004, the center spans five buildings on 14.4 acres. Tenants include Dick's Sporting Goods, Designer Shoe Warehouse, Dollar Tree and Nordstrom Rack. A former Party City space is vacant. The sale also includes a drainage pond across Melville Road from the center.

The property has a total assessed value of $32.9 million, according to county records, meaning the sale price was roughly 86% of assessed value.

Sale History and Brokers

RCG Ventures bought Triangle Town Place in March 2025 for $29.55 million, making Heidenberg's price about 3.9% lower than the prior sale. The property also sold in 2022 for $28.4 million, the same price Heidenberg paid.

Thompson Brown of Berkeley Capital Advisors represented RCG Ventures in the sale. Heidenberg Properties Group has hired The Shopping Center Group as the leasing brokerage for the center. RCG did not return a request for comment.

Heidenberg's Raleigh Strategy

Heidenberg Chief Operating Officer Jason Lazar said the Raleigh market reminds the firm of "some really core markets that we've seen in the Northeast." The region's growth projections and student population were among the factors that drew the firm to Raleigh.

"What's not to love about it? By every metric, it's so highly rated," Lazar said of the local market.

Lazar did not detail plans for enhancing the center but said the firm has a number of options for filling the vacant Party City space. He said Heidenberg wants to acquire more properties in Raleigh. "But you can't do the second until you do the first," he said.

Heidenberg currently lists 12 retail centers in its portfolio, located in Connecticut, New Jersey, New York, Vermont and West Virginia. Lazar said the firm owns 2.5 million square feet of retail centers.

Raleigh Retail Market Context

Raleigh's retail market remains tight. Vacancy stood at 2.9% in the second quarter of 2026, up from 2.5% in the first quarter. Net absorption totaled 326,413 square feet over the preceding 12 months. Average triple-net asking rent was $28.68 per square foot in the second quarter, compared with $27.48 per square foot a year earlier. The average sale price was $266 per square foot, and the average cap rate was 7.0%.

Colliers separately reported 2.59% overall vacancy in Raleigh-Durham in the second quarter of 2026, with 168,700 square feet of quarterly net absorption and about 537,600 square feet under construction. Smaller shop space has been especially tight: buildings under 10,000 square feet recorded 1.6% vacancy in the second quarter, versus 2.9% for larger properties.

Triangle Town Place's per-square-foot price sits below the market average, though averages reflect different property types, locations, tenancy profiles and deal sizes.

Other recent retail transactions in the area include the nearby Capital Marketplace, which sold for $80.6 million to Principal Financial Group. The anchor parcels for the former Macy's at Triangle Town Center also changed hands this year.

Outlook

With the Triangle Town Place purchase, Heidenberg Properties Group adds an open-air center with national tenants and a vacant box to lease in a market with low vacancy. The firm's stated intent to pursue additional Raleigh acquisitions indicates the deal may serve as an entry point for further expansion in North Carolina.

Sources

• Heidenberg Properties Group: Raleigh shopping center with Dick's, Nordstrom Rack sold for $28M