"We are excited about the purchase of Richland Plaza and our first acquisition in Indiana. The property has an encouraging occupancy record and is in a desirable location." - Tom Hahn, President of Prudent Growth Partners.
CHAPEL HILL, N.C. (PRWEB) December 12, 2022
Prudent Growth Partners, LLC, a Chapel Hill, NC based private equity real estate firm, has completed its $5.5 million purchase of Richland Plaza, a neighborhood shopping center located at 4665 West Richland Plaza Drive in Bloomington, IN.
Built in 1987, the property boasts a strong group of mainly national, e-commerce-resistant tenants including IGA Grocery, Family Dollar, Subway, Hoosier Bar & Grill, China Star restaurant, and other thriving retailers. Richland Plaza has a complimentary tenant base, is currently 93% occupied, and offers a combination of current cash flow stability and upside for future increases.
The property is strategically positioned along West State Road 46, a high-traffic thoroughfare with over 25,000 vehicles per day. The IGA is one of the only nearby grocery stores to many adjacent residential neighborhoods and is highly ranked in the top 1/3 of IGAs within both Indiana and the US. Surrounding national retailers include True Value Hardware, Starbucks, CVS, McDonald’s, Dollar General, and more.
"We are excited about the purchase of Richland Plaza and our first acquisition in Indiana. The property has an encouraging occupancy record and is in a desirable location," said Tom Hahn, President of Prudent Growth Partners. "We believe this is another good addition for our investors and a key expansion to our portfolio."
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.