The building has been sold for $34 million with plans for redevelopment. The Creamery building should stay, per current plans, but the more recent apartment add-on and the parking lots will go. This also includes the buildings on the corner of Glenwood and North plus the small gravel lot at 501 North West Street.
New York City-based Turnbridge Equities paid $34.7 million for the nearly-century-old Creamery building and two adjacent parcels in downtown Raleigh’s Glenwood South neighborhood earlier this week. The seller was Chicago-based Northpond Partners.
Altogether, the portfolio features 3.3 acres at 400 and 410 Glenwood Ave. and 501 N. West St. and includes the old Creamery building, a 2-story mixed-use building that dates back to the 1920s.