Prudent Growth Acquires Promenade Point in Alabama

Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $4.9 million purchase of Promenade Point, a 23,067-square foot multi-tenant shopping center located at 5510 Promenade Point Parkway in Madison, AL (part of the Huntsville, AL MSA).

Built in 2013, Promenade Point boasts a strong group of e-commerce-resistant tenants. The current tenant line-up includes a healthy mix of restaurant, retail, health, beauty and service-oriented businesses. Promenade Point is situated in front of a high performing Walmart Supercenter that had 1.7 million visits over the last 12 months. Other nearby anchor retail includes an adjacent newly opened Publix, Target, and Lowe’s Home Improvement.

The property is also less than a mile from Clift Farm, a 500+ acre mixed-use development with a master plan that includes over 1,000 multifamily and townhome units, 450+ single family homesites, 350K SF office space, and 400K SF retail space. Phase I of the project is complete with Phase II currently under construction. The immediate trade area contains many other local and national tenants, including Chipotle, CVS, Chili’s, Zaxby’s, Firestone Tires, Chick-fil-A, Verizon, and others. 

"We are excited about the Promenade Point purchase and acquisition of another property in Alabama. This property has a 100% occupancy rate and is part of a thriving community," said Tom Hahn, President of Prudent Growth Partners. "We believe this is another strong purchase for our investors and a great addition 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 provide exceptional returns on invested capital along with the possibility of longer-term capital gains achieved by expert management and future price appreciation.