Prudent Growth Partners Acquires Prime Retail Center in Reidsville, NC
REIDSVILLE, N.C. (PRWEB) NOVEMBER 03, 2017
Prudent Growth Partners, LLC, a real estate investment company based in Chapel Hill, NC, has completed its acquisition of the Reidsville Center shopping center in Reidsville, NC.
The property, a 27,500 square foot shopping center, is located at 1560 Freeway Drive in Reidsville, NC. The purchase price was $2,800,000.
“This is a great addition to our growing portfolio of neighborhood retail properties - it is prominently located in the best retail stretch of Freeway Drive. There are many well-known businesses in the center such as Aaron's Rents, Eden Jewelry, Spectrum Cable, and the US Military Recruiting Center,” says Tom Hahn, President of Prudent Growth Partners.
“We only have one vacant unit and already have been getting calls on it. It won't last long.”
Asked why he chose the property, Hahn says, “Reidsville is a great town, and we already own an apartment community nearby which has been a great property for our investors. The area is growing again, demand for apartments is strong, and the newly improved Freeway Drive looks great."
Prudent Growth Partners is focused on acquiring more properties in North Carolina, South Carolina, and Virginia. “We continue to look for for properties - both retail and multifamily - that are well managed, well positioned, and provide great long term growth for our investors,” says Hahn.
The transaction was brokered by Jake Plotkin of NAI Carolantic Realty in Raleigh, NC. The new manager will be Alliance Commercial Property Management of Greensboro, NC.
About Prudent Growth Partners, LLC Prudent Growth Partners, LLC is a private real estate investment company based in Chapel Hill, North Carolina. PGP’s focus is 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. www.prudentgrowth.com