The Promenade North Shopping Center on East Boulevard has been sold to a North Carolina-based real estate firm in a multimillion-dollar deal.
Prudent Growth Partners LLC finalized the $6.3 million-dollar purchase in mid-October, highlighting how it was an “attractive investment” that is “strategically placed” since the shopping center sees over 50,000 vehicles per day.
“We are excited to purchase Promenade North and look forward to the performance of this property,” said Tom Hahn, president of Prudent Growth Partners. “The center has a favorable location and is close to a growing area of Montgomery. It is another strong acquisition in Alabama for our investors and a great addition to our portfolio.”
The 57,441-square-foot shopping center, shadow-anchored by The Home Depot with Harbor Freight Tools, AutoZone, and ArchWell Health, was last sold in a 2020 auction .
Promenade North reported significant leasing momentum over the past year, with an occupancy rate of 97.27% at the time of sale and 92% of those being national-credit tenants.