JLL Closes $36M Sale and $26.5M Loan for Walmart-Anchored Townridge Shopping Center in Raleigh
JLL has closed the $36 million sale and arranged $26.5 million in acquisition financing for Townridge Shopping Center, a 273,105-square-foot Walmart-anchored retail center located along Glenwood Avenue in northwest Raleigh, North Carolina. Denver-based ACD purchased the property from Zeisler Morgan Properties, which had developed and held the asset for more than 50 years.
Deal Overview: A Rare Long-Term Hold Changes Hands
The transaction marks the first time Townridge Shopping Center has traded since Zeisler Morgan Properties developed it. JLL represented the seller in the investment sale, while the firm's financing team arranged the $26.5 million acquisition loan on behalf of the buyer.
ACD acquired the property through its ACD Fund V, LP. The Denver-based firm focuses on acquiring, developing, and managing essential commercial real estate properties.
Tom Kolarczyk, Michael Nieder, and Brian Page led JLL's investment sales and advisory team on the transaction. Travis Anderson and Ward Smith arranged the acquisition financing.
"This was a special investment sale as Townridge has not traded hands since Zeisler Morgan developed the property over 50 years ago. It was a privilege to represent the seller," said Kolarczyk. "This opportunity was highly sought after for that fact and represented a rare combination of Walmart-anchor and significant value-add upside through mark-to-market rent increases. Approximately 95% of the center's gross leasable area is currently below market, creating the potential to significantly increase net operating income and reshape the tenant mix."
Property Profile: Occupancy, Tenants, and Location
Townridge Shopping Center is situated at 6500–6602 Glenwood Ave. and Pleasant Valley Road, inside Raleigh's I-540 beltline. The property comprises five buildings at Townridge Shopping Center and one at the adjacent Village at Townridge, together totaling 273,105 square feet.
The center is 96% occupied, with an average tenant tenure of 13.75 years. Walmart serves as the anchor tenant. Planet Fitness opened at the property in January 2026 on a new 10-year lease. The broader tenant mix includes a combination of national and local retailers.
The intersection at which the property sits draws 45,900 vehicles per day. Townridge Shopping Center is located within three miles of Research Triangle Park and Raleigh-Durham International Airport, which serves 15.5 million travelers annually.
Value-Add Thesis Anchors ACD's Acquisition Strategy
The core investment thesis centers on below-market rents across the majority of the property. With approximately 95% of the center's gross leasable area priced below current market rates, ACD has a clear path to grow net operating income through lease renewals and new leasing activity.
"This transaction underscores the strong institutional interest in well-located, value-add retail opportunities in high-growth Sunbelt markets," said Nieder. "The combination of a creditworthy anchor, substantial mark-to-market rent potential and proximity to one of the nation's fastest-growing metropolitan areas positioned this asset as an exceptional opportunity for ACD."
The property's 96% occupancy rate and long average tenant tenure provide a stable cash flow base, while the below-market rent profile offers room for income growth — a combination that JLL said attracted significant investor interest during the marketing process.
Raleigh Market Context
Raleigh ranks as the second fastest-growing large U.S. city, according to the United Nations Population Division, and North Carolina was named the best state for business by CNBC in 2024. The Research Triangle region has added more than 750,000 residents since 2000, representing 68% cumulative population growth.
The trade area demographics around Townridge Shopping Center support retail demand. Within a three-mile radius, there are 76,751 residents with an average household income of $118,973 and a 66.4% rate of bachelor's degree attainment or higher. Within five miles, the average household income rises to $123,744.
JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries.
Sources
JLL Newsroom — Townridge Shopping Center in Raleigh Sells and Secures Loan (Aug. 10, 2026)