“As promised, Parc Place @ Short Pump will receive an upgrade to the existing façade as well as other improvements to return the property to its previous prominence in this dynamic market,” said Chris La Mack, Principal, Elevation Real Estate Group. “The retail center is in an excellent location with strong retail demographics, but it was tired and dated. It made for an attractive purchase, but now we need to improve the location so that the shoppers and tenants will return. We are already in discussions with multiple tenants to backfill some vacant storefronts.”
“Upgrading the retail center was key to this acquisition,” said Peter Auerbach, Founder and Managing Partner of Auerbach Fund. “The property’s strong existing tenant base has performed well throughout the pandemic and improving the customer experience with the planned upgrades will help the tenants – and retail center – continue their upward growth trajectory.”
Parc Place @ Short Pump is located at 11736 and 11740 West Broad Street in the Richmond suburb of Short Pump at the intersection of Interstates 64 and 295, and a short distance from Interstate 95. The location, adjacent to the Short Pump Town Center, provides easy access to nearby affluent suburban neighborhoods, as well as downtown Richmond. The property is home to a number of well-known retail brands, including Dollar Tree, PetSmart, and DXL Men’s Store. In addition, an Anytime Fitness has opened in a satellite space for group fitness classes to complement their existing location.
Construction will be completed by L. F. Jennings, an award-winning General Contractor, based in Falls Church, Virginia. This is a complex project based on many variables and they bring their vast experience in similarly complex projects throughout the region.
The new brand and logo were created by Cyndi McCloskey, creative director at Watkins McGowan, an Atlanta-based strategic communications firm.
For digital assets of the planned facelift as well as the newlogo, go to: https://bit.ly/2IULN88.
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About Elevation Real Estate Group
Headquartered in Charlotte, North Carolina, Elevation Real Estate Group, LLC is a full-service real estate company specializing in development, acquisition, leasing and management of commercial properties, primarily throughout the Southeast. Elevation Acquisition & Development focuses on identifying, acquiring, and developing high-quality real property for retail, office, multi-family, and hotel uses. For more information, go to elevation-re.com.
About Auerbach Funds
Auerbach Funds is aCharlotte, North Carolina-based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over$300 millionin total asset value, comprising of over 3.7 million square feet, across three close-ended funds. Auerbach’s opportunistic funds seek to make real estate investments across the U.S. that are distressed, mismanaged or underperforming assets within the multifamily, retail, senior housing and specialty classes.
CONTACT: Contact: Andy McGowan e: andy@watkinsmcgowan.com c: (404) 834-3481
