Prudent Growth Purchases Melbourne Plaza in Texas

Prudent Growth Partners, LLC, a private equity real estate firm based in Chapel Hill and Charlotte, NC, has completed its $7.85 million acquisition of Melbourne Plaza, a 47,364-square-foot retail center in Hurst, Texas.

The property’s great location within a thriving retail area makes it a great addition to the Prudent Growth portfolio. Melbourne Plaza enjoys 97% occupancy and features 17 tenants with staggered lease expirations and includes a healthy mix of lifestyle businesses and service providers. The property has been well-maintained by the previous ownership, and there are no significant deferred maintenance needs.

The center is strategically positioned on Melbourne Road, off Interstate 820, in the retail corridor of Hurst, located northeast of Fort Worth, and just a 12-minute drive from downtown. I-820 sees 167,000 vehicles per day, and Melbourne Plaza is nearby North East Mall and The Shops at NE Mall, which receive 5.3M and 4.3M annual visitors, respectively. Major retailers in the immediate vicinity include TJ Maxx, Burlington, Barnes & Noble, Best Buy, Michaels, Old Navy, Ulta, Five Below, Pet Smart, DSW, Ross, Dillard's, and Macy's, among others.

“We are thrilled to add Melbourne Plaza, a Texas property, to our portfolio. Its prime location close to Fort Worth positions this asset for tremendous long-term success. We see incredible potential in this center for our investors and look forward to creating value for both our tenants and the surrounding community,” said Tom Hahn, President and CEO 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.