Cary Towne Center Sells to Turnbridge Equities as JCPenney Closes
Cary, NC – JCPenney announced this week it will be closing its Cary Towne Center store, making it the third major retail anchor to leave the local mall. This sale coincides with the mall selling to a new owner
JCPenney Closing
JCPenney announced it would close stores around the country at the start of this year, with some projections that as many as 100 locations could close soon. One of those locations closing in the near future is the Cary Towne Center store.
“This decision is the result of an ongoing review of our store portfolio, which includes assessing locations that may not meet our required financial targets or represent an opportunity to capitalize on a beneficial real estate asset. It’s never easy taking actions that directly impact our valued associates and customers, however we feel this is a necessary business decision,” JCPenney said in a statement.
Their statement also said the final day will be Sunday, May 5, 2019.
JCPenney is the third anchor to close at Cary Towne Center after Sears and Macy’s. JCPenney opened at Cary Towne Center in 1991.
In some respects, it seems this closure was expected for some time. Back in 2017, when there were preliminary plans for Cary Towne Center’s redevelopment, Belk and Dillard’s were shown still standing while JCPenney was gone.
New Ownership
The news about JCPenney comes at the same time that Cary Towne Center sells to Turnbridge Equities, a real estate and development firm. This month alone, Turnbridge has also bought a one million square foot industrial site in Newark and a ten acre industrial site in New York City.
Cary Mayor Harold Weinbrecht hinted the mall would be sold soon in his latest State of the Town address.
WNCN is the first to report on the Turnbridge sale, reporting that Turnbridge said their plan is to continue mall operations as is while the site is evaluated.
Story by Michael Papich. Photos by Michael Papich and the Town of Cary.
Turnbridge Equities rehabs distressed sites. Which is what CTC has become unfortunately. They are definitely not mall property managers based on their portfolio. I have high hopes. Congrats to TOC staff and council for shepherding us through this difficult transition.
Don Franz posted that Fenton should start moving dirt in the spring. I agree on the mixed use concept in that having a customer base built in helps make the whole thing thrive. But I’m old enough to have seen the covered & non-covered retail come & go….all trends of the day. I actually like the mall concept if the mix of use is integrated. Possibly some inside & some outside…why not, it’s practical.
I’m disappointed that CBL & Associates didn’t follow through with their plans to de-mall CTC. In looking at Turnbridge Equities’ portfolio, I don’t see any malls or retail, which is sort of odd. I can’t imagine anyone company/group would buy CTC with plans to keep as is and just try harder to find tenants. They need to face the truth that malls are dead and people are looking for more walkable, mixed-use experiences with good mix of shops, restaurants and entertainment — with offices, apartments/condos, and perhaps a hotel or two on site.
As an aside, I’m getting a little concerned over the Fenton project. Shouldn’t they have broken ground or something? If this too falls through, this side of Cary will continue to fall further below what would be expected with the incredible demographics that Cary has.