RALEIGH, N.C. (AP) — A joint venture has acquired the Triangle Town Center mall in northern Raleigh for $174 million.
News outlets report that New York-based DRA Advisors is the new majority owner of the mall with a 90 percent stake. The remaining 10 percent is owned by CBL & Associates Properties, a real estate investment trust based in Chattanooga, Tennessee.
CBL had owned Triangle Town Center in a 50/50 joint venture with The Richard E. Jacobs Group.
The $174 million purchase includes assumption of the $171.1 million debt.
The new owners said in a statement that they restructured the loan in order to move ahead with improvements at the mall.
CBL will continue to manage the shopping mall.