Heidenberg Properties acquires national tenant-anchored shopping center in Raleigh, marking its initial entry into North Carolina

Raleigh, NC Heidenberg Properties Group and long-term partners, Norse Realty Group and DG Raleigh have acquired Triangle Town Place shopping center. Triangle Town Place is a 148,538 s/f shopping center anchored by a 75,000 s/f Dick’s Sporting Goods and a 31,067 s/f Nordstrom Rack. Other national tenants include Designer Shoe Warehouse (DSW), and Dollar Tree.

Triangle Town Place is situated in a trafficked retail node in the city located on Sumner Blvd., off U.S. Rte. 1 (50,000 vehicles per day) and 1.5 miles from I-540 (73,500 vehicles per day). The center is on a 15.34-acre site with 675 parking spaces (4.5 spaces/1,000 s/f) and is across Sumner Blvd.from Triangle Town Center, a 1.2 million s/f enclosed mall undergoing a mixed-use repositioning.

Triangle Town Place is over 92% occupied. Heidenberg Properties has already begun discussions with potential national and regional retailers looking to enter a supply-constrained retail market.  Retail vacancy in Raleigh is at 2.5%.

Jason Lazar, COO of Heidenberg Properties, said, “Acquiring Triangle Town Place was an opportunity for us to enter a high-growth, core market and expand the geographic footprint of our portfolio further South. Our relationships with national retailers and brokerages allowed us to understand the existing dynamics and have conviction maintaining and ultimately adding value to a great shopping center.”

Heidenberg Properties acquired Triangle Town Place from RCG Ventures. Based in Atlanta, RCG Ventures has a national retail portfolio and served as a cooperative counterparty in the acquisition.

Lazar said, “RCG Ventures are consummate professionals. Working with their team and their advisors at Berkeley Capital Advisors made for a smooth transaction in a capital markets environment where many buyers and sellers have a different experience.

Heidenberg Properties and its partners are excited to enter the local market due to its recent and projected continued population growth. Demand drivers include major universities, the world’s largest technology companies, and the presence of Research Triangle Park. These factors have led to the creation of a dense retail market evidenced by institutional shopping center ownership, including some of the country’s largest retail shopping center REITs. Furthermore, Raleigh was ranked the No. 1 city in the U. S. by the Milken Institute in 2025, which scores metro regions on employment metrics, wage trends, high-tech firm growth and concentration, as well as economic opportunity and affordability. Raleigh also ranks as the No. 3 fastest-growing city in the country (CoreLogic, 2025), the No. 6 best place to live (U.S. News & World Report, 2025), and the No. 2 best place for business (CNBC, 2026).