Charlotte, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Elevation Real Estate Group, a Charlotte-based real estate company, in partnership with Auerbach Funds and Beechmont Acquisitions, recently acquired “Parc Place,” an 82,968 square-foot retail shopping center outside of Richmond, Virginia. The shopping center is located at 11736 and 11740 West Broad Street in the Richmond suburb of Short Pump, located adjacent to Short Pump Town Center near the intersection of Interstates 64 and 295, and a short distance from Interstate 95. The location provides easy access to growing and affluent nearby suburban neighborhoods, as well as downtown Richmond. The center is home to a number of well-known retail brands, including Dollar Tree, PetSmart, DXL Big & Tall, and Tropical Smoothie.
The asset was purchased at auction in October for $10.8 million from a lender who had foreclosed on the property. The purchase price was a discount from the 2016 price of over $25 million. The partnership has hired Mario DiMarco Architects of Richmond to design and upgrade the existing façade. Other improvements will include parking lot repairs and striping, new energy-efficient lighting, and a new logo and signage. In addition, the property will be bolstered by an enhanced marketing campaign through DiVaris Real Estate and a lease-up plan in order to create a "restaurant friendly" center that will complement the strong existing regional and national retail tenants.
“The Parc Place property is in an excellent location with strong retail demographics that made it an attractive purchase,” said Dante Massaro, principal, Elevation Real Estate Group. “We are confident that with our 25 years of retail development and management experience, planned improvements, and a cohesive leasing plan, we will be able to create value for the local market and our investors. We look forward to working with the Auerbach Group and Beechmont Acquisitions on the acquisition of other properties.”
"This acquisition showcases the strengths of our fund structure,” said Peter Auerbach, Founder and Managing Partner of Auerbach Fund. “We were able to deploy our readily available capital in order to bid and win at an auction that required a 10% non-refundable deposit and a short timetable to close. The property's strong existing tenants, who have performed well throughout the pandemic, coupled with our value-add initiatives and marketing strategy, will provide our investors with immediate cash flow as well as upside potential. We are excited to again partner with Elevation Real Estate Group. "
For digital assets of Elevation Real Estate Group, including a logo, and images of Parc Place at Short Pump, go to: http://bit.ly/2IULN88.
About Elevation Real Estate Group
Headquartered in Charlotte, North Carolina, Elevation Real Estate Group, LLC is a full-service real estate company specializing in development, acquisition, leasing, and management of commercial properties, primarily throughout the Southeast. Elevation Acquisition & Development focuses on identifying, acquiring and developing high-quality real property for retail, office, multi-family and hotel uses through joint ventures with institutional investors, family offices and personal investors. Elevation Retail Management is a third-party manager of commercial properties and real estate portfolios. For more information, go to elevation-re.com.
About Auerbach Funds
Auerbach Funds is a Charlotte, North Carolina based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over $300 million in total asset value, comprising of over 3.7 million square feet, across three close-ended funds. Auerbach's opportunistic funds seek to make real estate investments across the U.S. that are distressed, mismanaged or underperforming assets within the multifamily, retail, senior housing and specialty classes.