Prudent Growth Partners has acquired Riverfront Shoppes shopping center in Suffolk, Virginia. The price of the acquisition is $8.44 million.
CHAPEL HILL, N.C. (PRWEB) AUGUST 03, 2020
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $8.44 million acquisition of the 35,500 square foot Riverfront Shoppes shopping center located on Harbor View Blvd in Suffolk, VA.
The center is located across the street from the Riverfront Golf Club, and is surrounded by many other retailers and residential projects.
Built in 2016, Riverfront Shoppes is home to many thriving businesses, including Fresenius Kidney Care, Taste Unlimited, Decent People Tap Room & Brewery and Virginia ABC Package Store. Other tenants include, State Farm, Savor the Olive, Coastal Styling Studio, Med-Care Health Link, Amanda Stewart Photography and F.I.T. 10 Performance gym.
“We could not be happier about this acquisition, and we were equally pleased with the demand for this deal from our investor base,” said Tom Hahn, President of Prudent Growth Partners. “The tenants were mostly able to continue operating during the COVID shutdowns, and it is encouraging to see how well supported they have been by the local community – as our first post-COVID retail buy, that is obviously important to us.”
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.