Chapel Hill investment group buys Triad shopping center for $3.3 million
Some great press on our recent purchase of the Mebane Ridge Shopping Center in Mebane, NC. We really like this property and love the 1000+ homes that will be constructed within 2 miles of the property!
This was another 1031 transaction, structured as a TIC deal, so lots of moving parts.
From the Article:
A Chapel Hill-based real estate investment group has added to its Triad portfolio.
In a 1031 exchange, three LLCs controlled by Prudent Growth Partners and manager Tom Hahn Jr. purchased the 24,000-square-foot Mebane Ridge Marketplace at 1909 S. N.C. 119 for $3.315 million from D.M. Norton Enterprises of Laurel Hill.
Tenants at the shopping center, which Hahn said has one vacant space of about 1,200 square feet, include Sakura Japanese Steakhouse, Anna Maria's Pizzeria and Restaurant and Animal Hospital of Mebane.
Hahn said the shopping center is only a few minutes from Cambridge Park, a planned 713-home development, Mebane Towne Center, which is planned to have 416 apartments and 171 townhomes, and retail stores. Estimated to have about 15,000 residents – more than double its population in 2000 – Mebane has emerged as a popular spot for growth in distribution and manufacturing.
Though PGP has owned property in Greensboro, High Point and Reidsville, Hahn said Mebane Ridge Marketplace was the group's first purchase in Alamance County.
"We're very positive about Mebane," Hahn told Triad Business Journal. "We like the neighborhood. The property is well positioned in a high-traffic area."
Hahn said no major changes are planned at Mebane Ridge Marketplace, which was built on 5.38 acres in 2007. The property had been listed at $3.5 million.
PGP LLCs have made three recent purchases in Reidsville: the 48-unit Oakmont Apartments in June, and Reidsville Center and Ashcroft Commons shopping centers late in 2017.
PGP's website lists the 112-unit Willow Woods Apartments in High Point and the 36-unit Cambridge on Elm Apartments in Greensboro in its portfolio.