Core Richneck Shopping LLC has successfully sold Richneck Shopping Center located in Newport News, VA.  Richneck was acquired in an off market transaction in 2021.

“Richneck was an under managed asset that was procured off market.  We extended Food Lion, put some cap ex into roof replacement, and leased up several vacant spaces.  It will be one of the highest IRR deals we have accomplished to date.  Our team executed the business plan seamlessly from start to finish.  We are very proud to complete another investment cycle with returns significantly above proforma.

We wish the owners the best with the property moving forward.  They were refreshing to worth with.”

– Drew Angel, Managing Partner of Core Richneck Shopping LLC

This is Core Equity Partners ninth successful exit in the last 16 months.