Prudent Growth purchases Hampton Cove Shops for $7.6 million
Hampton Cove Shops, a retail center adjacent to Walmart in Owens Cross Roads, has been purchased for $7.6 million, Prudent Growth Partners announced.
Prudent Growth is a private equity real estate firm based in Chapel Hill and Charlotte, N.C.
According to the firm, the 41,681-square-foot center is 96.64% leased to 12 tenants with staggered lease expirations and a diversified mix of service, medical, fitness, and necessity-based retail. Hampton Cove Shops was constructed in 2008.
It is shadow-anchored by a high-performing Walmart Supercenter generating approximately 1.7 million annual visits and sits near the U.S. 431/Sutton Road intersection – a true main-and-main intersection – surrounded by Publix, Lowe’s, Walgreens, and other top national retailers.
A significant catalyst for future upside is a planned medical development immediately behind the property, expected to drive additional traffic, increase daytime population, and support higher-rent medical and service users within the center, the firm said.
“Hampton Cove Shops aligns directly with Prudent Growth’s strategy of acquiring stabilized retail assets in high-quality growth markets with embedded upside and strong downside protection,” said President and CEO Tom Hahn.
Prudent Growth said this affluent submarket continues to benefit from strong population growth, high household incomes, limited competing retail inventory, and sustained tenant demand driven by nearby residential expansion and major employment centers.
Average household income within a three-mile radius exceeds $180,000, reinforcing the long-term durability of this location, the news release said.
