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North Carolina Venture Buys Riverfront Shoppes in Suffolk, Virginia

Liberty Investment Partners, Prudent Growth Partners Pay $8.44 Million for Shopping Center Near Riverfront Golf Club

By Bryce Meyers
CoStar News

August 9, 2020 | 11:42 P.M.

Liberty Investment Partners and Prudent Growth Partners have acquired the Riverfront Shoppes in Suffolk, Virginia.

The North Carolina-based real estate investment firms teamed up to acquire the shopping center located off Interstate 664 at the intersection of Harbor View and River Club boulevards. The center sold for $8.44 million, or nearly $238 per square foot.

Virginia Beach’s Gee’s Properties developed Riverfront Shoppes in 2016 across from the Riverfront Golf Club. Currently 94% leased, the 35,500-square-foot center is home to Fresenius Kidney Care, Taste Unlimited, Decent People Tap Room & Brewery and Virginia ABC Package Store, among others.

“The tenants were mostly able to continue operating during the COVID shutdowns, and it is encouraging to see how well supported they have been by the local community – as our first post-COVID retail buy, that is obviously important to us,” Tom Hahn, president of Prudent Growth Partners, said in a statement.

Prudent’s affiliate, Prudent Growth Operations, will manage the property.

For the Record

Jay Burnell and Kristen Huber of Parker Burnell Real Estate represented Gee’s Group in the sale.

Please see CoStar COMPS #5189508 for more information on the transaction.

 

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