Prudent Growth Purchases Promenade North in the Capital City of Alabama

Prudent Growth has completed its $6.3 million acquisition of Promenade North in Montgomery, AL.

CHAPEL HILL, N.C., Oct. 21, 2024 Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $6.3 million purchase of Promenade North, a 57,441 square foot multi-tenant shopping center located in Montgomery, Alabama.

Built in 1997 and renovated in 2019, the property's modern design and strategic location make it an attractive investment. It features a sought-after combination of national and local tenants, complementary businesses, and significant future upside from potential mark-to-market leasing opportunities.

"We are excited to purchase Promenade North and look forward to the performance of this property. The center is close to a growing area of Montgomery and it is another strong acquisition in Alabama for our investors." - Tom Hahn, President of Prudent Growth Partners, LLC

The center is strategically located in a major retail corridor of Montgomery, Alabama. It is positioned just off Eastern Boulevard, a significant thoroughfare, and Interstate 85. Promenade North accesses a busy commuter and commercial corridor between major Montgomery neighborhoods and the booming downtown area. The center is shadow-anchored by one of two Home Depots, and the immediate retail landscape is home to regional draws like Conn's Home Plus, Floor & Décor, Dollar Tree, Olive Garden, Guitar Center, Office Depot, the United States Postal Service, Discount Tire, Goodwill, and Verizon.

"We are excited to purchase Promenade North and look forward to the performance of this property. The center has a favorable location and is close to a growing area of Montgomery. It is another strong acquisition in Alabama 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.