Prudent Growth Purchases Hanover Square North in Virginia

Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $13 million purchase of Hanover Square North, a 73,440 square foot multi-tenant shopping center located in Mechanicsville, Virginia.

Built in 2007, the property's modern design and strategic location make it an attractive investment as it features a sought-after combination of high-performing anchor tenants, complementary shadow anchors, and future upside from potential mark-to-market leasing opportunities.

The property is strategically located in a major retail corridor of the Richmond, Virginia MSA. Positioned just off I-295, south of the Mechanicsville Turnpike, Hanover Square North accesses a busy commuter and commercial corridor between major Richmond suburbs and the booming downtown area. The immediate retail landscape is home to regional draws like BJ’s, Target, Petsmart, CVS Pharmacy, The Home Depot, Dollar Tree, Hobby Lobby, Kohl’s, Gold’s Gym, Walmart, Planet Fitness, Noodles and Company, and Bowlero. ​

"We’re excited about the purchase of Hanover Square North. We look forward to the performance of this property, given its great location and proximity within Richmond. It is a strong acquisition for our investors and a great addition 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.