Prudent Growth Partners, LLC, a private equity real estate firm in Chapel Hill and Charlotte, NC, has completed its $5.23 million purchase of SouthGate Centre, a 24,025-square-foot shopping center in Gainesville, Florida.
Built in 1989, the property’s contemporary design and prime location within a thriving retail corridor make it an exceptional addition to the Prudent Growth portfolio. It features 13 tenants with staggered lease expirations, including a healthy mix of lifestyle businesses and service providers. The center has been well maintained, and there are no significant deferred maintenance needs.
SouthGate Centre is strategically positioned in Gainesville, just 1.5 miles from the University of Florida. It offers a balanced mix of necessity-based and lifestyle tenants and many operational value-add opportunities. The surrounding five-mile area has an immediate retail landscape that is home to regional draws like Target, Chick-fil-A, Starbucks, Sam’s Club, and Bass Pro Shops.
“We are excited about the purchase of SouthGate Centre, another acquisition in Florida. We look forward to the performance of this property as it has a strategic location in a visible and active area close to a large state university. It is another good acquisition for our investors and a wonderful addition to our property portfolio,” said Tom Hahn, President of Prudent Growth Partners, LLC.
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