Prudent Growth Partners Expands its Portfolio in Virginia with River Forest Acquisition
Prudent Growth Partners has completed its acquisition of the 31,000 square foot Shops at River Forest shopping center, located in Chester, VA. This was its second Virginia retail acquisition in the past year.
CHAPEL HILL, N.C. (PRWEB) MARCH 02, 2021
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $6.00 million acquisition of the 31,000 square foot Shops at River Forest shopping center located at 11914 Iron Bridge Plaza in Chester, VA.
With shared access to the entrance of the highly successful Iron Bridge Plaza, the center is anchored by a high performing Walmart Supercenter.
Built in 2007, Riverfront Shoppes is home to many popular businesses, including Kabuki Japanese Restaurant, Antonio’s Restaurant & Pizzeria, Sweet Frog's Yogurt, Gamestop, Plato’s Closet, and a US Army recruiting center.
"We are really excited about this acquisition, and we believe the center is well positioned to benefit from the rapid growth in the surrounding area," said Tom Hahn, President of Prudent Growth Partners. "We are interested in continuing to add to our holdings in the Richmond and Southeastern VA markets."
PGP recently acquired the Riverfront Shoppes, located in Suffolk, VA, in July of 2020.
PGP’s affiliate, Prudent Growth Operations, LLC, will manage the property, while the leasing will be handled by a local brokerage firm.
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.