Prudent Growth Buys $5.5 Million Shopping Center in "Red Hot" Garner, NC
CHAPEL HILL, N.C. (PRWEB) OCTOBER 02, 2018
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed a $5.5 million transaction to purchase the 57,000 shopping center knows as The Shops at Garner Plaza in Garner, NC.
The shopping center has several popular local tenants, including Family Dollar, NY Bride and Groom, and Carriage House Cleaners. It is located at 537 Plaza Circle, at the Benson Road exit of I-70 Business.
"We started looking closely at the Garner market - and the southeastern side of Raleigh in general - several months ago,” said Tom Hahn, President of PGP. "This property really made sense to us from a long-term growth standpoint, and the newly announced project for the Amazon Distribution Center only 2.5 miles away was icing on the cake. Garner is really a red hot market right now."
Prudent Growth Partners, based in Chapel Hill, NC, acquires garden style apartment communities, typically with 75 to 200 apartments, as well as neighborhood retail centers and office buildings. "We love properties like The Shops at Garner Plaza, which are in residential neighborhoods with businesses that are well established and supported by the local residents," said Hahn.
Prudent Growth Partners has been on a buying streak over the past month, with recently completed transactions in Mebane, Raleigh, Wilson and now Garner.
"We have closed on $50 million in acquisitions so far this year, and we have about another $20 million under contract to close by year-end," said Hahn. "We are hoping to continue our growth and will be looking for more of these types of properties in 2019."
Prudent Growth Partners, LLC is a private equity real estate investment company based in Chapel Hill, NC. 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.