The Chapel Hill, North Carolina-based private equity firm Prudent Growth Partners LLC has completed its $7.6 million acquisition of Hampton Cove Shops, a 41,681-square-foot retail center located in Owens Cross Roads, Alabama.
Located in the Huntsville metro area, the center was constructed in 2008 and is 96.64% leased to 12 tenants covering service, medical, fitness, and necessity-based retail. It is shadow-anchored by a high-performing Walmart Supercenter generating approximately 1.7 million annual visits and sits at a true main-and-main intersection surrounded by Publix, Lowe’s, Walgreens, and other top national retailers. A medical development is being planned behind the property and expected to drive additional traffic.
“Hampton Cove Shops aligns directly with Prudent Growth’s strategy of acquiring stabilized retail assets in high-quality growth markets with embedded upside and strong downside protection,” said Tom Hahn, president and CEO of Prudent Growth Partners.
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