Prudent Growth Partners LLC has acquired the Alamance Crossing retail center, a shopping mall in Burlington, North Carolina. The purchase price was $4.55 million.
CHAPEL HILL, N.C. (PRWEB) JANUARY 13, 2020
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its acquisition of a shopping center located in the Alamance Crossing retail center in Burlington, NC. The transaction price of $4.55 million was funded with over $2.4 million raised from approximately 30 of its partners.
The center, located at 1348 Java Ln, Burlington, NC 27215, is at the entrance to the 887,000 square foot Alamance Crossing regional lifestyle center with 71 stores, including Barnes and Noble, Hobby Lobby, Dick’s Sporting Goods and a 16-screen cinema. Built in 2008 the Java Lane property boasts excellent visibility and is less than one-mile from the 2,100 employee Alamance Regional Medical Center.
“We are excited about this acquisition and love the growth in Alamance – which is projected to continue in the future,” said Tom Hahn, President of Prudent Growth Partners. “This is a great destination center and it is surrounded by new residential and office projects. 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 coordinated by The Chambers Group out of Raleigh.
“We have several more deals like this in our pipeline, all of which are in great communities with internet-resistant tenants,” said Hahn. “We are hoping to complete at least 12 deals in 2020, and would like to finish the year with roughly 50 properties in 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.