Broad Reach Retail Partners (BRRP) announces the closing of its first equity fund; the Broad Reach Retail Partners Shopping Center Fund I, and subsequent purchase of two shopping centers: Saluda Towne Centre and Callahan Plaza.
BRRP Fund I is focused on buying necessity retail anchored shopping centers located in the Southeast and Midwest. The Fund allows BRRP to quickly and efficiently acquire properties which meet the buying criteria of the company. Based on the size and structure of the Fund, BRRP has a targeted goal of acquiring in excess of $200 million in shopping centers by 2017.
The Funds first two acquisitions were Saluda Towne Centre, located in Saluda, South Carolina, and Callahan Plaza, located near Jacksonville, Florida. Both Centers are grocery store anchored and have a value add component.
“Closing the fund and purchasing Saluda Towne Center and Callahan Plaza demonstrates the founding principals of Broad Reach Retail Partners – to create value for our partners, properties and people,” said Nate Tower, founder of Broad Reach Retail Partners. “The fund will allow us the needed flexibility and accelerated reaction time to acquire centers where we believe we can maximize value through focused leasing and management.”
About Broad Reach Retail Partners
Broad Reach Retail Partners (BRRP) is a privately held, fully integrated owner and operator of shopping centers located geographically throughout the Southeast and Midwestern United States. The company maximizes the full potential of underutilized shopping centers through focused leasing, redevelopment and creative management. The company’s mission is to create value for our partners, properties and people. BRRP is actively seeking growth though selective acquisitions, strategic leasing and the addition of the best of the best team members.