Elevation Real Estate Group Acquires “Parc Place” Shopping Center in Short Pump Area of Richmond, Virginia
Charlotte, December 22, 2020 (GLOBE NEWSWIRE) – Elevation Real Estate Group, a Charlotte-based real estate company, recently acquired Parc Place, an 82,968-square-foot mall outside of Richmond, Virginia, in partnership with Auerbach Funds and Beechmont Acquisitions. The mall is located at 11736 and 11740 West Broad Streets in the Short Pump suburb of Richmond, adjacent to Short Pump downtown near the intersection of Interstates 64 and 295 and not far from Interstate 95. The location offers easy access to growing and affluent suburbs 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 auctioned for $ 10.8 million in October by a lender who foreclosed the property. The purchase price was a discount from the 2016 price of over $ 25 million. The partnership commissioned Mario DiMarco Architects from Richmond to design and improve the existing facade. Other improvements include repairs and stripes on the parking lot, new energy-efficient lighting, a new logo and new signage. Additionally, the property will be bolstered by an intensified marketing campaign by DiVaris Real Estate and a lease plan to create a “restaurant-friendly” center that complements the strong existing regional and national retail tenants.
“The Parc Place property is in an excellent location with a strong retail demographics that has made it an attractive purchase,” said Dante Massaro, principal of 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 can create value for the local market and our investors. We look forward to working with the Auerbach Group and Beechmont Acquisitions to acquire additional properties. ”
“This acquisition shows the strengths of our fund structure,” said Peter Auerbach, founder and managing partner of the Auerbach Fund. “We were able to use our immediately available capital to bid and win at an auction that did not require 10%.” refundable security deposit and a short schedule for closure. The property’s strong existing tenants who have performed well during the pandemic, as well as our value creation initiatives and marketing strategy, offer our investors immediate cash flow as well as upside potential, and I look forward to working with Elevation Real Estate Group again. “
Elevation Real Estate Group’s digital assets, including a logo and images of Parc Place at Short Pump, can be found at: http://bit.ly/2IULN88.
About Elevation Real Estate Group
Elevation Real Estate Group, LLC, headquartered in Charlotte, North Carolina, is a full service real estate company specializing in the development, acquisition, leasing and management of commercial real estate primarily throughout the Southeast. Elevation Acquisition & Development focuses on the identification, acquisition and development of high quality real estate for retail, office, multi-family and hotel purposes through joint ventures with institutional investors, family offices and private investors. Elevation Retail Management is an external commercial property and property portfolio manager. More information is available at height-re.com.
About Auerbach Funds
Auerbach Funds is a Charlotte, North Carolina-based real estate private equity fund manager. Established in 2016, Auerbach Funds manages over $ 300 million in total assets, comprised of over 3.7 million square feet, in three closed-end funds. Auerbach Opportunistic Funds aim to make real estate investments in the United States that are distressed, poorly managed, or sub-par assets in the multi-family, retail, senior housing, and specialty classes.
Contact: Andy McGowan e: [email protected] c: (404) 834-3481