Prudent Growth Purchases Wistar Center in Virginia

Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $8.1 million purchase of Wistar Center, a 49,040 square foot multi-tenant shopping center located in Henrico, Virginia (part of Richmond, VA MSA).

Built in 1989, Wistar Center boasts a strong group of e-commerce-resistant tenants and is situated between the three major highway corridors of Richmond, I-64, I-95, and I-295. With a diverse tenant base and a desirable, high-traffic location, Wistar Center is currently 100% occupied. The current tenant lineup features 20 tenants including a healthy mix of restaurant, retail, health, beauty, and service-oriented businesses.

The center is strategically located within a three-mile radius from Interstates 64 and 95, benefiting from ideal interstate access along with excellent visibility and frontage along Staples Mill Road. Other nearby anchor retail includes Target, Food Lion, and Kroger. The property is also across the street from Hermitage Townhomes, 543-story townhome units developed by Ryan Homes in 2017. The immediate trade area contains many other local and national tenants, including CVS, Lidl, Advance Auto Parts, Wendy’s, Jersey Mike’s, and Panda Express.

"WIstar Center is a great addition to our property portfolio. We’re excited about the performance of this center, given its location and proximity to major interstate highways and large townhome community," 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.