CHARLOTTE, N.C., Feb. 23, 2021 /PRNewswire/ -- A partnership between Auerbach Funds and TCP Realty Services, has recently acquired "The Pines", a 179,000 square-foot, 18.84+ acre retail shopping center in Pineville, LA.
Located at 2985 Cottingham Expressway the property is a grocery anchored shopping center that was placed under contract at the height of the pandemic. The center is anchored by a Super 1 Foods and an Ollie's Bargain Outlet, with additional outparcels.
The Pines is located on the southeast intersection of Route 167 and Route 165, just over 2.5 miles from Louisiana College, and within 3 miles of major employers. Pineville is known throughout the region as a business-friendly city that continues to experience industry and business growth.
Peter Auerbach, Founder and Managing Partner of Auerbach Funds, stated, "This acquisition is another example of the buying power of our Fund as we were able to move quickly and acquire an asset expeditiously even during the COVID 19 pandemic. We are confident that the various strategy scenarios we are contemplating will all create value for our tenants and the Pineville community, while also giving our investors upside potential. The retail asset class requires extensive investment expertise which is why we are pleased to partner with David Thomas and Robert Neely, of TCP Realty Services. This marks the sixth transaction between TCP and Auerbach."
"TCP's deal flow tends to come from complicated situations that demand a great deal of creativity to design a successful transaction from contract to closing and throughout the subsequent holding period. Peter Auerbach has a deep understanding of these nuances and is the most responsive and decisive partner we have ever had the pleasure of working with because of it," according to David Thomas, Chief Investment officer of TCP.
This marks the fourth acquisition since Auerbach Funds announced its first close in mid-October for Auerbach Opportunity Fund III. The fund has a target size of $100 million and is currently open to new investors.
About TCP Realty Services LLC
TCP Realty Services LLC is a Texas based asset management firm specializing in real estate investment and property management services. The firm has over 100 years of combined experience in the real estate industry.
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 3.9 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.
For more information visit: www.auerbachfunds.com
Director of Investor Relations
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SOURCE Auerbach Funds