Auerbach Funds, Elevation Real Estate Group, and Beechmont Acquisitions have acquired Parc Place, a shopping mall in Richmond, Virginia. The purchase price was $10.8 million.
CHARLOTTE, N.C., Nov. 5, 2020 /PRNewswire/ — A partnership between Auerbach Funds, Elevation Real Estate Group, and Beechmont Acquisitions has recently acquired “Parc Place”, an 82,968 Square Foot shopping center in Richmond, VA.
Parc Place at Short Pump
Located at 11736 W. Broad Street, Parc Place is a retail center in the Short Pump, VA area. The asset was purchased at auction from a lender who had foreclosed on the property. The partnership has planned to redesign and upgrade the existing façade. The improvements to the property will be bolstered by an enhanced marketing campaign and a strong lease up plan in order to create a “restaurant friendly” center which will complement the strong existing regional and national retail tenants. The purchase price for the asset was $10.8 million, a discount compared to the 2016 price of over $25 million.
Parc Place is situated near I-64 and I-95 providing easy access to nearby suburban neighborhoods, as well as downtown Richmond. The property is home to several well-known brands which have performed well throughout COVID-19, including Dollar Tree and PetSmart.
Peter Auerbach, Founder and Managing Partner of Auerbach Funds, stated, “This acquisition showcases the strengths of our fund structure, as we were able to deploy our readily available capital in order to bid and win at an auction that required a 10% non-refundable deposit, including a short timetable to close. The property’s strong existing tenants, who have performed well throughout the pandemic, coupled with our value-add initiatives and marketing strategy, will provide our investors with immediate cash flow as well as upside potential. We are excited to partner with Dante Massaro (Elevation Real Estate Group) on our 6th transaction together and introduce our newest operating partner, Beechmont Acquisitions.”
“Elevation was very pleased to be able to work with Auerbach Funds on Parc Place – our sixth deal with Peter Auerbach. The asset benefits from excellent demographics and presents tremendous upside potential”, commented Dante Massaro, Principal of Elevation Real Estate Group.
This marks the second acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million and is currently open to new investors.
About Elevation Real Estate Group
Elevation Real Estate Group is a Charlotte, NC based full-service real estate company that has been involved in the acquisition, syndication, development, re-positioning, and disposition of more than $2 billion of commercial real estate primarily throughout the Southeast.
About Auerbach Funds
Auerbach Funds is a Charlotte, North Carolina based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over $300 million in total asset value, comprising of over 3.7 million square feet, across three close-ended funds. Auerbach’s opportunistic funds seek to make real estate investments across the U.S. that are distressed, mismanaged or underperforming assets within the multifamily, retail, senior housing and specialty classes.
For more information visit: www.auerbachfunds.com