PGP has completed its $8.2 million acquisition of the Turnberry Crossing shopping center in Newport News, VA.
CHAPEL HILL, N.C., June 20, 2023 /PRNewswire-PRWeb/ -- Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $8.2 million purchase of Turnberry Crossing, a 53,775 square-foot multi-tenant shopping center located in Newport News, Virginia.
Built in 1988, Turnberry Crossing boasts a strong group of e-commerce-resistant tenants and is situated in Newport News' primary retail corridor. With a diverse tenant base and a desirable, high-traffic location, Turnberry is currently 95% occupied. The current tenant lineup features a healthy mix of restaurant, retail, health, beauty, and service-oriented businesses.
The center is strategically located off Jefferson Ave, a primary retail corridor, boasting over 55,000 Vehicles per Day. The property is ideally located in an infill location less than half a mile from Interstate 64 and less than one mile from Newport News/Williamsburg International Airport. It is anchored by a high performing Goodwill and is in the vicinity of or nearby other retailers including Sam's Club, The Home Depot, Lowe's Home Improvement, Kohl's, Trader Joe's, and T.J. Maxx. The immediate trade area contains many other local and national tenants, including CVS, Subway, Haynes Furniture, Chili's, Walgreens, and others.
"We're excited about Turnberry Crossing and the performance of this center, given its location and proximity to a major interstate, an international airport, and a significant retail corridor. It is a great addition to our property 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