“PARC PLACE” SHOPPING CENTER IN SHORT PUMP RECEIVES UPGRADE AND RE-BRAND

Ocean Crab Seafood To Open As Retail Shopping Center Receives A Facelift

RICHMOND, VIRGINIA (August 11, 2021) — Parc Place @ Short Pump Town Center, a retail shopping center in the Short Pump area of Richmond, Virginia, is receiving a planned upgrade as well as a new brand logo reflecting its new direction. In addition, Ocean Crab Seafood, a Cajun Seafood restaurant, will open its first Virginia location and become the anchor restaurant tenant for the 82,968 square-foot retail shopping center. Acquired in November 2020 by Elevation Real Estate Group, a Charlotte-based real estate company, in partnership with Auerbach Funds and Beechmont Acquisitions, Parc Place @ Short Pump is receiving an upgrade to its façade, as well as new lighting, parking lot repairs and re-striping, upgraded landscaping, and a new marquee sign and logo. Construction is underway and should be completed by the end of October. All shops remain open throughout the renovation process.

 

“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 Watkins McGowan, an Atlanta-based strategic communications firm.

 

For digital assets of the planned facelift as well as the new logo, go to: https://bit.ly/2IULN88.

 

 

 

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 a Charlotte, North Carolina-based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over $300 million in 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.