Thompson Thrift Retail Group Announces $34 Million Publix-Anchored Mixed-Use Property Outside Raleigh
January 13, 2022
Raleigh, NC
RALEIGH, N.C. (Jan. 13, 2022) – Thompson Thrift Retail Group, a wholly-owned company of Indianapolis-based Thompson Thrift, is developing Marketplace at Ellis Crossing, a 30-acre mixed-use property located in the Research Triangle Park area of Raleigh-Durham. Publix Super Markets, the largest and fastest-growing employee-owned supermarket chain in the United States, will anchor the location. Thompson Thrift is targeting construction to be completed on the first phase of the development in the fourth quarter of 2022.
“With the area’s rapid growth and planned expansions, our team thought this would be an ideal location for an established grocer like Publix,” said Ryan Menard, vice president of development for Thompson Thrift. “We’re excited to have commenced construction and look forward to adding Thompson Thrift’s distinctive properties to the thriving Raleigh-Durham community.”
Located at the northeast corner of Ellis Road and Watchorn Street, Marketplace at Ellis Crossing will include 72,000 square feet of retail space, a hotel and a daycare center. In addition to the 47,000-square-foot Publix, leases have been signed with First National Bank, Chipotle, Heartland Dental and Lee Nails.
Hunter Stewart, vice president for Lee & Associates Raleigh Durham, stated, “Based on the growth within the triangle region, coupled with the amount of leasing inquiries we are confident that an array of quality service and dining options will join Publix when Marketplace at Ellis Crossing opens.”
Conveniently located only five minutes from downtown Durham and 20 minutes from downtown Raleigh, Marketplace at Ellis Crossing is ideally situated between two of North Carolina’s fastest growing cities. The project sits in the heart of the area known as Research Triangle Park, a collaborative innovation center which is centered between three Tier-1 research universities and is already home to more than 264 research companies and over 50,000 high-tech workers. Recently, Apple announced its plans to build a new 1 million-square-foot campus in the area.
Along with Apple’s new campus, Duke University recently announced plans for a new $100 million expansion to its School of Medicine; and the Keith Corporation is planning a 5.5-million-square-foot commercial development in the area. To keep up with expansion, several new multifamily and residential developments are currently planned or under construction.
This is Thompson Thrift’s fourth project in North Carolina. They have retail centers in Concord and Wilson and a 276-unit multifamily community in Charlotte.
