Prudent Growth Partners has acquired the Ashcroft Commons shopping center just one month after purchasing the nearby Reidsville Center.
REIDSVILLE, NC (PRWEB) NOVEMBER 30, 2017
Prudent Growth Partners, LLC, a real estate investment company based in Chapel Hill, NC, has completed its second acquisition in Reidsville in less than a month.
It has acquired the 32,000 square foot shopping center known as Ashcroft Commons in a $1.4 million transaction. The new center, located at 1405-1437 Freeway Drive, is less than a mile from the 27,000 square foot Reidsville Center, which the group purchased on October 31.
“This second property in Reidsville is a great addition to our growing portfolio of neighborhood retail properties, and we will benefit by consolidating our management resources between the two properties. It has a great location right on Freeway Drive and is home to a number of popular local businesses,” says Tom Hahn, President of Prudent Growth Partners.
“We only have one small vacant unit which we anticipate having leased shortly. We also have plans to clean up and improve the exterior, reseal and repave the parking lot, and improve the landscaping and lighting.”
Asked why he has bought two properties in the area, Hahn says, “Reidsville is a wonderful town - it is growing and the newly improved Freeway Drive is great. We own a nearby apartment community - Oakmont Apartments - and feel like we understand the market up there. There is no question that the Triad is gaining momentum and we are definitely looking for more properties like this one."
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 Larry Story of Total Care Realty in Greensboro, 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. http://www.prudentgrowth.com