Epic Games buys Cary Towne Center

Epic Games announced Sunday that it has reached an agreement to purchase Cary Towne Center and plans to turn the mall into its headquarters by 2024.

Records filed with Wake County on Dec. 31 indicate the sale price was $95 million. Turnbridge Equities and Denali Partners purchased the 87-acre mall property in February 2019 for $31.5 million.

Epic plans to start developing the new headquarters later this year, according to the company’s release. In the meantime, Epic will keep its headquarters near the intersCary Towne Center was built in 1979 and last redeveloped in 1992, The News & Observer reported. Many of the mall’s largest stores have closed in recent years, including Sears and JCPenney.

Turnbridge previously sought and was granted a mixed-use rezoning for the property. In October 2020, the company announced plans for a project dubbed “Carolina Yards” on the mall property that would have seen the demolition of the mall.

Carolina Yards was expected to feature 1,800 residential units, three hotels, seven office buildings around six stories and 360,000 square feet of retail, The News & Observer reported. Both the Belk department store and Dave & Buster’s would have been renovated.

Previous plans for the mall property included a 380,000-foot IKEA that would have replaced the vacant Sears and Macy’s stores. The N&O reported that IKEA had been a key part of then-owner CBL Properties’ efforts to turn the mall into a mixed-use center.

After announcing the project, IKEA shifted strategies away from big box outlets in suburbs and toward showrooms in metropolitan areas with a focus on its online retail.section of Crossroads Boulevard and Jones Franklin Road.

In a prepared statement, Jason Davis, the managing director of Turnbridge Equities, said, “After years of shifting development plans for the Center, we are thrilled the space will be utilized to its full potential and turned into something the Town and community of Cary can be proud of.”

Source: https://www.newsobserver.com/news/business/article248249275.html

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