Invesco Real Estate Acquires Knightdale Marketplace for $86.7M From Bailard and M&J Wilkow

Invesco Real Estate has acquired Knightdale Marketplace, a 323,113-square-foot super-regional shopping center in Knightdale, North Carolina, for $86.7 million from a joint venture between affiliates of Bailard, Inc. and M&J Wilkow, Ltd., JLL Capital Markets announced Sept. 16.

The fully occupied property, situated on approximately 43.5 acres at the intersection of U.S. Highway 64 and Interstate 540, traded at roughly $268 per square foot. M&J Wilkow had acquired the asset in 2019 for $43.6 million, representing approximately 99% price appreciation over seven years. JLL represented the seller in the transaction.

Property Overview and Tenant Roster

Knightdale Marketplace comprises two components — Knightdale Marketplace East and Knightdale Marketplace West — addressed at 1006 Shoppes at Midway Drive and 210–304 Hinton Oaks Blvd. The center was delivered in phases in 2007 and 2008 and sits less than seven miles east of downtown Raleigh, with connectivity to Research Triangle Park, Raleigh-Durham International Airport and the region's major employment centers.

The property is anchored by Academy Sports + Outdoors, Best Buy, TJ Maxx, Burlington, Ross Dress for Less, HomeGoods, Michaels, PetSmart and Barnes & Noble. Target and Home Depot operate as shadow anchors on separate parcels. Inline and pad tenants include Starbucks, Five Guys, Jersey Mike's, Qdoba, Tropical Smoothie Cafe, Subway and Visionworks, among others. Three separately parceled outparcels are occupied by Wells Fargo, Arby's and Saltgrass Steak House.

The center has seen significant recent leasing activity, with Barnes & Noble, HomeGoods, Burlington and Academy Sports + Outdoors all added as new national tenants ahead of the sale. Additional small-shop tenants include T-Mobile, Little Caesars, Krispy Kreme, Mattress Warehouse and Kay Jewelers.

Deal Team and Pricing

The JLL Capital Markets team was led by Senior Director Tom Kolarczyk and Director Andrew Kahn, along with Analysts Ella Glover and Katie Sanger.

"Knightdale Marketplace is one of the best power center transactions I've had the privilege to work on in my career," Kolarczyk said. "The property enhancements made by Ownership, adding several new national retailers, coupled with robust submarket growth and exceptional tenant sales performance, generated unprecedented institutional investor demand. We saw extraordinarily competitive bidding from both core and core-plus capital sources, ultimately achieving record pricing for the asset class in the greater Raleigh market. We are grateful for M&J Wilkow's confidence in our JLL team throughout this process."

Following the close, M&J Wilkow will remain as property manager, while Foundry Commercial will lead leasing, providing operational continuity under the new ownership.

Submarket Growth and Infrastructure Drivers

Knightdale has emerged as one of Wake County's fastest-growing communities, supported by population growth, new housing development and proximity to major employers across technology, healthcare, life sciences, financial services, advanced manufacturing and higher education. The center is surrounded by a pipeline of single-family, multifamily and mixed-use development projects that continue to expand the area's consumer base.

The ongoing completion of the Interstate 540 expansion is expected to further enhance regional accessibility and support additional residential and commercial development throughout eastern Wake County. The property's position at the U.S. Highway 64 and I-540 interchange provides direct connectivity to the broader Raleigh-Durham region.

Market Context

The transaction reflects sustained institutional demand for well-leased retail assets in the Raleigh-Durham market. Raleigh retail sale prices averaged approximately $269 per square foot in the first quarter of 2026, a figure the Knightdale Marketplace trade closely mirrors. Retail cap rates in the Raleigh-Durham market stood at 6.80% in the first quarter of 2026.

Invesco Real Estate manages $86.3 billion in real estate assets under management across 21 regional offices in the U.S., Europe and Asia Pacific. Bailard manages more than $8.4 billion in assets under management across public and private investment strategies. M&J Wilkow's portfolio spans approximately 110 properties totaling roughly 14 million square feet with an estimated aggregate market value in excess of $3 billion.

About the Brokerage

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries. The group's services include investment sales and advisory, debt advisory, mergers and acquisitions, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory.

Sources: JLL Newsroom — JLL arranges $86.7M sale of Knightdale Marketplace in Raleigh