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LNR Partners buys Raleigh, NC, shopping mall for $120.4M

LNR Partners acquired the Triangle Town Center in Raleigh, N.C., in a July auction for the shopping mall, the Triangle Business Journal reported.

The Florida-based real estate company submitted the highest bid of approximately $120.4 million for the 1.44 million-square-foot property.

The mall, previously owned by DRA Advisors, defaulted on its debt in February, the report noted.

LNR did not immediately return calls from the publication seeking comment on its plans for the property.