Prudent Growth Partners has acquired Florence, Kentucky-based Oakbrook Town Center, a shopping mall. The purchase price was $2.8 million.
CHAPEL HILL, N.C. (PRWEB) SEPTEMBER 10, 2019
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed a $2.8 million purchase of the 21,000 shopping center knows as the Oakbrook Town Center in Florence, KY.
The shopping center has many popular local tenants, including the Village Market, Bourbon House Pizza, Full Body Yoga, Wert Music, and Holler Hops Bar and Grill. The shopping center is located at 7500 Oakbrook Drive.
“We started looking closely at the Cincinnati and Kentucky markets earlier this year, and this was a great first acquisition for us,” said Tom Hahn, President of PGP. “The blend of internet-resistant retailers and a great location in a highly populated area made it very attractive. The massive Amazon Global Hub being constructed nearby is also exciting.”
Prudent Growth Partners, based in Chapel Hill, NC, acquires neighborhood retail centers, office buildings, and garden style apartment communities. “We love properties like the Oakbrook Town Center, which are in residential neighborhoods with businesses that are well established and supported by the local residents,” said Hahn.
Prudent Growth Partners has been on a buying streak over the past several months, with recently completed transactions in Mooresville, NC, Greensboro, NC, and Jacksonville, NC.
“We are hoping to reach our goal of completing over $50 million in acquisitions this year,” said Hahn. “Since many of our deals are in the $3.0 to $7.0 million range, that is about 10 purchases. We will definitely be looking to add more properties in the mid-west over the next year.”
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. PGP’s focus is on properties that tend to be overlooked by larger institutions and which provide exceptional returns on invested capital along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.