Prudent Growth Partners has acquired Hoover, Alabama-based Meadow Lake Business Park, a retail/office center. The purchase price is $4.5 million.
CHAPEL HILL, N.C. (PRWEB) JUNE 03, 2022
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $4.5 million acquisition of Meadow Lake Business Park, a 34,661 square foot multi-tenant retail/office center located at 3004 and 4000 Meadow Lake Drive in Hoover, AL.
Built in 1991, the property boasts a strong group of diverse, e-commerce-resistant tenants in a desirable location and is positioned to capitalize on the growth of the surrounding area. The current tenant lineup features a diverse mix of medical, office, retail, and service-type tenants with individual storefront signage, front door access, and an abundance of parking.
The property is located in the City of Hoover, along the U.S Highway 280 sub-market, which is Birmingham’s most prominent and vibrant suburban commercial area. Meadow Lake Business Park is adjacent to the 175–acre master-planned Meadow Brook Office Park consisting of over 500,000 square feet of Class A office buildings.
“The purchase of Meadow Lake Business Park in Alabama is exciting for PGP and our investors. It is in a great location and the current occupancy should provide cash flow stability with long-term upside,” said Tom Hahn, President of Prudent Growth Partners. “We believe this is another good acquisition as we continue to expand our portfolio.”
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. The firm focuses 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.