Prudent Growth Partners buys North Carolina shopping mall for $3.5 mn

Prudent Growth Partners has acquired the Hickory Promenade shopping center in Hickory, North Carolina.

Prudent Growth Partners has acquired the Hickory Promenade shopping center in Hickory, North Carolina. The purchase price is $3.5 million. PGP affiliate Prudent Growth Operations LLC will manage the property while the leasing will be handled by a local brokerage firm.

PRESS RELEASE

CHAPEL HILL, N.C. (PRWEB) FEBRUARY 13, 2020
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $3.5 million acquisition of the 15,500 square foot Hickory Promenade shopping center located at 2535 Hwy 70 SE, Hickory, NC.

The center, which shares parking with a Walmart Supercenter and Lowes Home Improvement store, is also located directly across the street from the growing Catawba Valley Community College.

Built in 2008, Hickory Promenade provides excellent visibility along Highway 70 and is home to many internet-resistant tenants, including Salon Centric, Manpower, Subway, and Dental Works.

“We are excited about this acquisition and we are impressed Hickory’s growing tech economy,” said Tom Hahn, President of Prudent Growth Partners. “This center is convenient to many nearby businesses and, of course, to Catawba Valley. We are planning some nice updates and improvements to the property in the coming months.”

PGP’s affiliate, Prudent Growth Operations, LLC, will manage the property, while the leasing will be handled by a local brokerage firm.

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.