Prudent Growth Acquires Westwood Plaza in South Carolina

By Georgio Salas.
Updated Jul 21, 2023

CHAPEL HILL, N.C. (PRWEB) July 21, 2023 - Prudent Growth Partners, LLC, a private equity real estate firm with locations in Chapel Hill and Charlotte, NC, has completed its $10.8 million purchase of the Westwood Plaza, an 83,354 square-foot multi-tenant shopping center located in Greenwood, South Carolina.

Built in 1996 and renovated in 2012, the Westwood Plaza boasts a strong group of e-commerce-resistant tenants and is shadow-anchored by a high-performing Wal-Mart (top 3% in SC based on foot traffic). Greenwood is a hub of traffic and retail in the middle of western South Carolina. It is located an hour south of Greenville and an hour and a half west of Columbia. With a diverse tenant base and a desirable location, the center is currently 89% occupied, and the lineup features a healthy mix of businesses.

The center is strategically located within a dominant regional retail corridor with strong Planet Fitness and Dollar Tree anchors. Four tenants are original to the center, and two more have been in place for over a decade. The immediate trade area contains many other local and national tenants, including Lowes, Firestone, Ulta Beauty, Kohls, Ross Dress for Less, PetSmart, and the Greenwood Mall.

'Our company is excited about the Westwood Plaza and another acquisition in South Carolina. Given its Wal-Mart shadow position and location within the western half of the state, we are confident about this center's performance. It is a favorable purchase 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.