Raleigh, North Carolina

Heidenberg Properties Group and long-term partners, Norse Realty Group and DG Raleigh announce the acquisition of the Triangle Town Place shopping center in Raleigh, North Carolina. Triangle Town Place is a 148,538 square foot shopping center anchored by a 75,000 square foot Dick's Sporting Goods (NYSE: DKS | S&P: BBB & Moody's: Baa2) and a 31,067 square foot Nordstrom Rack. Other national tenants include Designer Shoe Warehouse (DSW), and Dollar Tree.

Triangle Town Place is situated in a highly-trafficked retail node in Raleigh located on Sumner Boulevard, immediately off U.S. Route 1 (50,000 vehicles per day) and 1.5 miles from I-540 (73,500 vehicles per day). The Center sits on a 15.34-acre site with 675 parking spaces (4.5 spaces/1,000 SF) and is directly across Sumner Boulevard from Triangle Town Center, a 1.2 million SF enclosed mall undergoing a high-density, mixed-use repositioning.

Heidenberg Properties and its partners are excited to enter the Raleigh, North Carolina 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 United States 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).

Triangle Town Place is currently over 92% occupied. The center's lone vacancy is an approximately 10,000 square foot vacant endcap. Heidenberg Properties has already begun discussions with potential national and regional retailers looking to enter a supply-constrained retail market. Retail vacancy in Raleigh currently sits at 2.5%.

Jason Lazar, COO of Heidenberg Properties, stated, "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 continued, "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."

About Heidenberg Properties

Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net leased properties, and secured note purchases in the Eastern United States. The group is actively seeking new acquisitions and development opportunities. To learn more, visit www.heidenbergproperties.com.

About Norse Realty Group

Norse Realty Group is a real estate investment and development firm based in Lake Success, NY. The company specializes in the acquisition, development, and management of commercial real estate across New York, New Jersey, Connecticut and Pennsylvania. To learn more, visit www.norserealtygroup.com.

About DG Raleigh, LLC

Over the past 30 years, DG Raleigh principals have been involved in the acquisition, development, leasing and ownership of retail, industrial and multi-family units. In addition, they have acquired mezzanine debt and distressed debt positions.