Prudent Growth Purchases Castle Shops in Virginia

Prudent Growth Partners, LLC, a private equity real estate firm based in Chapel Hill and Charlotte, NC, has completed its $5.4 million acquisition of Castle Shops, a 37,309 square foot retail center in Chesapeake, Virginia.

The property’s great location within a thriving retail area makes it a great addition to the Prudent Growth portfolio. Castle Shops enjoys 100% occupancy, offering staggered lease expirations and including a healthy mix of lifestyle businesses and service providers. The center has been well maintained, and no significant deferred maintenance needs exist.

Castle Shops is located along Military Highway, one of the area’s primary thoroughfares and one of the densest submarkets of Chesapeake, with a 5-mile population of over 282,000. It has excellent visibility, signalized access, and traffic-driving tenancy with one of the top-performing Dollar Tree stores in Virginia. This high-traffic road is surrounded by countless local and national credit retailers, including Firestone, Jiffy Lube, Family Dollar, AutoZone, Dunkin’ Donuts, Lidl, Sonic, Food Lion, Roses, Pizza Hut, and others. ​

“We are excited about the acquisition of Castle Shops, which represents a wonderful addition to our retail portfolio in Virginia. We see tremendous potential in enhancing its long-term value and look forward to building on its strong foundation and continuing to create a place where businesses and neighbors thrive,” said Tom Hahn, President of Prudent Growth Partners, LLC.

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 provide exceptional returns on invested capital, along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.