PGP has completed its $3.4 million acquisition of the Shoppes at Hickory in Hickory, NC.
CHAPEL HILL, N.C., July 13, 2023 /PRNewswire-PRWeb/ -- Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $3.4 million purchase of the Shoppes at Hickory, a 22,195 square-foot multi-tenant shopping center located in Hickory, North Carolina.
Built in 2008, the Shoppes at Hickory boasts a strong group of e-commerce-resistant tenants and is situated along U.S. Highway 70 which runs parallel to I-40 and is a hub of traffic and retail in the middle of the western half of NC. It is located an hour east of Asheville and an hour northwest of Charlotte. With a diverse tenant base and a desirable location, the Shoppes is currently 100% occupied and the lineup features a healthy mix of businesses.
The center is strategically positioned within a 600,000 square-foot dominant regional retail corridor, and shadow anchored by Walmart, Lowe's, and Sam's Club. The property is also across the street from Catawba Valley Community College, a public community college with 4,500 undergraduate students. The immediate trade area contains many other local and national tenants, including Discount Tire, Subway, Dental Works, Popeyes, Sherwin-Williams, IHOP, and Barnes and Noble.
"We're thrilled about the Shoppes at Hickory and another acquisition in North Carolina. We look forward to this center's performance, given its favorable location within the western portion of the state. It is a formidable acquisition for our investors and a great add 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.
SOURCE Prudent Growth Partners, LLC