Thompson Thrift Sells the Marketplace at Ellis Crossing in Durham to Publix Super Markets
January 16, 2024
Raleigh, NC
RALEIGH, N.C. (Jan. 16, 2024) – Thompson Thrift, a full-service nationally recognized real estate company, announced today the sale of Marketplace at Ellis Crossing, a 71,517-square-foot newly constructed shopping center that is part of a 30-acre mixed-use property under development in the Research Triangle Park area of Raleigh-Durham. Publix Super Markets, the grocery anchor at the center, purchased the shopping center for an undisclosed price. The sale was brokered by Berkeley Capital Advisors.
“We are very pleased to have successfully closed this deal with Publix,” said Ryan Menard, vice president of development for Thompson Thrift. “With an industry leader like Publix anchoring the development, Marketplace at Ellis Crossing is not only poised to become the epicenter of connectivity and convenience in Research Triangle Park, but also to be a catalyst for further growth. Thompson Thrift is proud to be able to bring this project to such a dynamic, opportunity-rich region.”
Located at the northeast corner of Ellis Road and Watchorn Street, the sale included Publix’s first Durham location, approximately 13,000 square feet of inline shop space as well as a pad building with another 11,500 square feet of space. Marketplace at Ellis Crossing is also home to Chipotle Mexican Grill, a popular fast-casual chain restaurant; Sheetz, a leading convenience store company on the East Coast; Lightbridge Academy, an early childhood education and development center; and Mavis Tires, a tire and auto-repair company. Thompson Thrift retained ownership of a 1.4-acre lot that will be home to First National Bank, a proposed hotel lot and a 2-acre lot that fronts Ellis Road and remains available.
Marketplace at Ellis Crossing is ideally situated between two of North Carolina’s fastest growing cities. The development sits in the heart of a biotech powerhouse known as Research Triangle Park, a collaborative innovation center set amidst three Tier-1 research universities that is home to more than 264 research companies and over 50,000 high-tech workers. The greater Raleigh area has an additional $1 billion in biotech laboratory construction underway, including Apple’s plans to build a 1 million-square-foot campus in the area.
Along with the new Apple campus, road improvements are in place and expected to further drive development in the area, improving access between Research Triangle Park, Durham, and Raleigh-Durham International Airport. To keep up with expansion, several new multifamily and residential developments are currently planned or under construction.
This is Thompson Thrift’s fourth development in North Carolina. They have retail centers in Concord and Wilson and a 276-unit multifamily community in Charlotte.
