Raleigh's Capital Marketplace sells for $80 million
A super-regional Sunbelt shopping center has changed hands.
Bethesda, Md.-based Finmarc Management, Inc. has executed the $80.625 million sale of Capital Marketplace, a 383,000-sq.-ft. mall in Raleigh, N.C., to Principal Financial Group, a global financial company headquartered in Des Moines, Iowa. Finmarc acquired the asset, then known as Plantation Point Shopping Center, in late 2021.
With occupancy currently at 97.5%, Capital Marketplace is anchored by Bob’s Discount Furniture, BJ’s Wholesale Club, Burlington, Dollar Tree, LA Fitness and ParTee Shack and includes a mix of national and local retailers.
“Recognizing the increased volume of institutional capital flowing into the retail asset class, we proactively pursued the sale of a core retail asset featuring multiple strong anchor tenants on long-term leases,” said Sean Sullivan, Finmarc’s executive VP. “The sale marks the successful execution of our strategy that entails stabilizing tenancy, implementing asset management protocols to maximize operational efficiencies, and significantly increasing the value of Capital Marketplace with tenant renewals.”
Finmarc says that more than 2.6 million people visit the shopping center annually, with an average dwell time of 46 minutes. Raleigh is North Carolina’s second largest city, and surpassed 500,000 residents in 2024. Nearly 2.2 million people reside within the greater Raleigh-Durham-Chapel Hill region, also known as the “Research Triangle.”
“The underlying fundamentals of the central North Carolina region, including a rapidly-expanding life sciences presence in the 'Research Triangle,' a highly-educated workforce with disposable income levels exceeding the national average, a business-friendly economic climate, and several Tier-1 research universities, were significant factors in our decision to invest in this region five years ago,” Sullivan added. “We remain committed to uncovering compelling value-add opportunities in the region that match our long-term acquisition strategy.”
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CBRE’s Adam Russ, Erin Varol, Ryan Sciullo, and Casey Smith represented the seller. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc. Finmarc noted that revenue generated from the Capital Marketplace sale will help fund the firm’s objective of purchasing up to $400 million of commercial real estate assets in 2026.
