Recent Transactions

centre pointCentre Pointe Plaza, Smithfield, NC Provest Properties closed in February, 2017 this 160,000 SF market-dominant center. Anchored by newly renewed Belk, Burkes, and Dollar Tree, the 98% occupied center located 40 miles southeast from Raleigh benefits from synergistic tenants such as Hibbet Sports, Aarons, Rent a Center, etc., in addition to a variety of service and food uses. Sited on Smithfield's busiest thoroughfare, Centre Pointe shares cross access with and is driven traffic from the super Walmart next door. Provest acquired the center at a 9 CAP with 4.95% fixed rate financing Click Here for Site Plan altama village provestAltama Village, Brunswick, Georgia ProVest Properties closed in November, 2016 this 80,000 SF grocery-anchored center. Located on Brunswick's busiest thoroughfare, across the street from Glynn Isles, the area's major 450,000 SF power center, Altama Village, is anchored by Save a Lot, Staples, Party City, and a newly constructed Harbor Freight. The 99% occupied center was acquired at an 8 CAP with upside in over 40,000 SF of space leased at less than 50% of current market rent. CCRE provided 10 year fixed rate financing. Click Here for Site Plan sunrise-plaza-1Sunrise Plaza, Brooksville, Florida Sunrise Plaza is an 86,815 SF Winn-Dixie anchored center located 40 miles north of Downtown Tampa in Brooksville, Florida. The shopping center is located .3 mile east of I-75 on major thoroughfare Cortez Boulevard and is anchored by a robust Winn-Dixie supermarket with 2015 sales of $416 PSF. Sunrise Plaza contains a healthy mix of regional and local food and service and professional tenants such as Beef O’ Brady’s Restaurant, Monticello Pizza, King Wok Chinese, US Nails, Prime Care Doctors, Ridge Animal Clinic etc. ProVest Properties, LLC aquired this property for $5,000,000, less a seller credit of $225,000, equating to an attractive $55 PSF or an 8.2 CAP with 20% of the GLA as upside potential. CCRE is providing 10 year fixed rate financing at +/- 4.5%. Our first year returns will be +/- 7.5% with substantial upside through the lease-up of approximately 16,000 SF of vacancy. Click Here for Aerial View Patton Square, Woodruff, South Carolinapatton-square ProVest Properties, LLC closed in August 2016 this 92,000 SF BiLo grocery anchored shopping center. The 99% occupied center is located on Woodruff’s main traffic corridor connecting I-26 to US 101 and US 221 to Greenville, 20 miles away and Spartanburg 17 miles away, Patton is in the path of development from the explosive and rapidly expanding Greenville market, home to recently expanded BMW National Headquarters in addition to numerous domestic and International Corporations. The property was acquired at a 8.8 CAP with upside potential through renewal and/or re-tenanting the co-anchor Ace Hardware who pays significantly below market rent for 23,000 SF and has a lease expiring with no renewal options on 5/17. Financing was assumed at 4.32% due in 2025. Click Here for Aerial View lincoln-center-aerialLincoln Center, Lincolnton, North Carolina ProVest Properties, LLC closed in July 2016 this 83,000 SF market dominant grocery anchored center located 40 minutes NW of Charlotte, NC. Lincoln Center is shadow anchored by Belk, Ross, Big Lots and Tractor Supply Company and anchored by a recently renovated and renewed BI Lo supermarket in addition to an exciting lineup of national tenants such as; Cato, Shoe Show, Great Clips, GNC, ATT, Sally Beauty, and Subway. The property was acquired at a 9.5 CAP with upside potential through lease-up of approximately 7,000 SF in three vacancies. Financing provided by BB&T, L+2.5% floating rate 5 year initial term with a 5 year extension and no prepayment penalty. Click Here for Site Plan Cross Country Village, Conover, North Carolinacross-country ProVest Properties, LLC closed in July 2016 this 49,000 SF Food Lion grocery anchored center located in Conover, North Carolina. Located 50 miles northwest of Charlotte and 16 miles from Hickory and Gastonia, Conover is home to Apple Inc’s recently constructed, 214 acre solar energy facility, currently the largest privately held solar farm in the United States. The deal is driven by a robust 29 year tenured Food Lion which recently signed a new 10 year lease. The property was acquired at a 8.1 CAP with upside in lease-up of 8,100 SF. Financing provided by BB&T, L+2.5% floating rate 5 year initial term with a 5 year extension and no prepayment penalty. Click Here for Aerial View Eisenhower CrossingEisenhower Crossing III, Macon, Georgia Provest Properties, LLC closed in June 2015 this 81,855 SF phase of Eisenhower Crossing, the largest power center in Macon, Georgia. The 90% occupied center, anchored by HH Gregg, PetSmart, Sears Hometown and Guitar Center, benefits from the critical mass of shadow anchors including Home Depot, Target, Kroger, Ross, Bed Bath & Beyond and Aldi. The property was purchased at 9 CAP on existing income with upside potential of 7,650 SF of inline space to lease up. Ten year fixed rate financing was secured at 5.1%. Click Here for Aerial View Springdale Plaza, Camden, South CarolinaSpringdale Plaza_Camden_SC ProVest properties, LLC closed in February 2015 this 179,000 SF market dominant shopping center. The 94% occupied center is located at Camden's primary intersection across from Walmart, K-Mart, and Lowes. Springdale Plaza is comprised of an exciting lineup of national/regional tenants including Belk, Burke's, Farmer's Home Furniture, Goodwill, Dollar Tree, Hibbett Sports, Rue 21, Cato, Gamestop, AT&T, Radio Shack, and Hallmark. Over 70% of the GLA has renewed this past year. The property was purchased at a 10 CAP on existing income with upside potential of 9600 SF of in line space in addition to a potential out parcel. 10 Year fixed rate financing was secured at a favorable 4.68% rate insuring current double digit returns on investment. Click Here for Aerial View Arlington Square Shopping CenterArlington Square Shopping Center, Indianapolis, Indiana Provest Properties, LLC closed in July 2014 this 57,000 square foot grocery anchored center. The 89% occupied center is sited on two corners of Arlington Avenue and 10th Street. Anchored by a brand-new SAVE A LOT grocery on a new 10 year corporate-guaranteed lease, the center includes other nationals such as Dollar Tree, Rent-A-Center and Pizza Hut, in addition to a favorable local tenant mix such as tax, hair, nail, check-cashing, Chinese Buffet and MCL Cafeteria. The property was purchased at a 9 cap on existing income with upside potential of three 1,200 SF store spaces plus a 3,000 sf freestanding former bank building with drive-thru. Twenty five year financing was secured at a favorable 4.87% rate insuring current double digit returns on the investment with tremendous upside potential. Click Here for Aerial Views   Village Green Shopping Center, Cleveland, Ohio ProVest Properties, LLC closed in May, 2014 on this 95% occupied 46,000 SF grocery anchored center. Led by a recently renovated corporate guaranteed SAVE A LOT, the center contains a great tenant mix including Rent A Center, Pizza Hut, Jackson-Hewitt, Key Bank, Greenlight Beverage, and A Dollar Store on a new 15 year lease. The property was acquired at a 9.7 CAP and has upside potential of a 2600 SF in line vacancy as well as the potential to add up to 8,000 SF on an outparcel. We anticipate achieving mid double digit returns within the first year of operation and thus, a significant year 1 increase in value. Click Here for Aerial View   Forrest Oaks, Shopping Center, Mt. Airy, North Carolina ProVest Properties along with PDQ Properties closed in October, 2013  on this 126,119 sf, 99% occupied shopping center. Located on Mt. Airy's busiest shopping street, the center includes national credit tenants Staples, Burkes, Tractor Supply, Dollar General and Aaron's Rents. The going in CAP Rate was an attractive 10.48 with solid in-place lease increases and upside potential in under market leases and a signed letter of intent from Ross Dress for Less. The asset is scheduled for a 2014 renovation and 2015 re-positioning and refinance which will yield a return of equity to investors as well as substantial capital appreciation. Click Here for Aerial View   Fort Valley Shopping Center, Fort Valley, Georgia ProVest Properties closed in August 2013 on this 100% occupied 71,887 square foot grocery anchored center. Anchor Food Depot had sales exceeding $600 per square foot and thus recently renovated, expanded and renewed on a new 10 year lease. Co-anchor, Roses (National Credit Variety Wholesalers, Inc.) also recently expanded and renewed on new 10 year lease. Including Rent A Center, over 90% of the center is leased to National/Regional credit tenants. The going in CAP RATE was 9.7 with attractive long term leases and financing at +/-4.875%.   Northtowne Commons, Toledo Ohio ProVest Properties is proud to announce its participation in the acquisition of the Northtowne Commons, Toledo Ohio. The 93,000 SF center is 100% occupied , Its exciting lineup of tenants include TJ Maxx, Pet Supplies, Mattress Firm, Aarons Rents, Shoe Shoe, Radio Shack, Weight Watchers and Game Stop. Target, Kroger, Dick’s, Office Max, and McDonald are the shadow anchors driving robust business to this first class center. The property was purchased at an existing 9 CAP with TJ Maxx on a 10 year extension of its lease.   Countryside Plaza, Mount Pleasant, Pennsylvania (Pittsburgh Suburb) ProVest Properties along with PDQ properties acquired this 197,941 SF 97% occupied grocery anchored shopping center in July 2012. The property is anchored by Country Market (Kroger Guarantee), Peebles, Payless, Rent A Center, and Busy Beaver. The going in Cap Rate was 10% with many under market rents rolling in years 1 and 2. We anticipate double digit returns during the holding period and believe our ability to increase rents to market will yield a substantial  increase in value during the next four years. Click Here for Aerial