PGP has completed its $7.6 million acquisition of the Indian River Shopping Center in D'Iberville, MS.
CHAPEL HILL, N.C., Oct. 12, 2023 /PRNewswire-PRWeb/ -- Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $7.6 million purchase of Indian River, a 32,600 square-foot multi-tenant shopping center located in D'Iberville, Mississippi.
Built in 2004, the property is part of Lakeview Village, a 150-acre master-planned, mixed-use retail development project in D'Iberville. Indian River is anchored by a Walmart Supercenter, Lowe's, and Academy Sports. With a diverse e-commerce resistant base of tenants and a desirable, high-traffic location, the center is almost fully occupied and offers a combination of current cash flow stability. ?
Indian River is strategically located just north of Biloxi along the Mississippi Gulf Coast. Biloxi is home to Keesler Air Force Base, which trains 40,000 military and medical support staff and is in the Biloxi Casino District, which has 11 casinos and over 19,000 hotel rooms that attract 3.5 million visitors annually. The gaming industry has added 23,460 jobs in the past four years. The center accesses a busy commuter and commercial corridor with nearby retailers like Wendy's, Chili's Bar and Grill, The UPS Store, Walgreen's, Geico, Sherwin Williams, Whataburger, Target, Best Buy, Dick's Sporting Goods, and Ross. ?
"We are excited about the Indian River Shopping Center and another acquisition in Mississippi. Given its Wal-Mart and Lowe's shadow position and location within an active business district, we are confident about this center's performance going forward. It is a great purchase for our investors and a nice addition to our portfolio," said Tom Hahn, President of Prudent Growth Partners.
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 provide exceptional returns on invested capital along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.
Media Contact
Tom Hahn, Prudent Growth Partners, LLC, 919-280-5641, [email protected], https://www.prudentgrowth.com/
SOURCE Prudent Growth Partners, LLC
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