Principal Financial Group paid $80.6 million for a 383,000 square foot raleigh shopping center. Finmarc Management was the seller.
Finmarc acquired the Capital Marketplace, then known as Plantation Point Shopping Center, in late 2021, and during the company’s five-year hold period, increased occupancy to 97.5 percent.
CBRE’s Adam Russ, Erin Varol, Ryan Sciullo, and Casey Smith represented the seller.
Proceeds generated from this sale will help fund Finmarc’s objective to purchase up to $400 million of commercial real estate assets in 2026. The company, which owns and manages a more than 7 million-square-foot portfolio, remains aggressive in its search for core and value-add office, retail, flex/office, and warehouse/industrial properties.
Delivered in 2006 the asset 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.
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