Barely a week after acquiring a shopping center in Florence, KY, Prudent Growth has acquired Zebulon Crossings, a Walmart shadowed center in Wake County, NC.
CHAPEL HILL, N.C. (PRWEB) SEPTEMBER 18, 2019
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed the acquisition of the 30,000 square foot shopping center known as Zebulon Crossings, in fast growing eastern Wake County, NC. The transaction price was $6.4 million, and over $2.3 million was raised from its equity investors.
Zebulon Crossings, which shares a parking lot with a Walmart Super Center, has many popular local tenants, including Papa's Johns Pizza, Game Stop, San Jose Mexican Restaurant, and Wang's Bistro. The shopping center is located at 844 East Gannon Blvd in Zebulon, NC.
"We have made several acquisitions in eastern Wake County over the past year, and are pretty bullish on that side of Raleigh for the foreseeable future,” said Tom Hahn, President of PGP. "This is a great center in a high-traffic location, and should benefit from the continued growth in the area. The newly announced Autumn Lakes residential community (500 homes) - located within a couple of miles of our property - is an example of the kind of growth we are hoping to see."
Prudent Growth Partners, based in Chapel Hill, NC, acquires neighborhood retail centers, office buildings, and garden style apartment communities. "We are always looking for properties like Zebulon Crossings, which are in growing areas with businesses that are well established and supported by the local residents," said Hahn.
Just over a week ago, Prudent Growth acquired the nearly $3.0 million purchase of the Oakbrook Town Center in Florence, KY, its first purchase in Kentucky.
"We have several more deals in the pipeline and are hoping to reach our goal of completing over $50 million in acquisitions this year," said Hahn.
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 which provide exceptional returns on invested capital along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.