On September 3, 2021, Squire Hill Properties completed its acquisition of a BB&T (now Truist) bank branch located in Northern Kentucky. This was the second acquisition of the day for the company. Squire Hill also completed a $5M+ retail acquisition of Village Grand in Atlanta, GA the same day.
President Austin Beck stated “It has been a busy couple of weeks for us. Having both deals closing on the same day made things hectic for our office, but it was well worth it. We are very excited about our acquisition of our Atlanta property since it is the first one in that market for us, and we are very excited to have purchased the BB&T in our own market at a highly advantageous price.”
On September 3, 2021, Squire Hill Properties completed its acquisition of Village Grand, a 20,350SF shopping center located in Atlanta, Georgia. The property has 14 tenants and is anchored by Starbucks. The purchase price of the property was over $5 million.
President, Austin Beck, announced the acquisition as part of the company’s strategic plan to expand into new, strong performing markets in the Southeastern U.S. “If you look at where people are moving and where jobs are moving, it’s easy to see why real estate has become so valuable in these markets. There simply has not been enough deals in our own market that meet our criteria, so it forced us to look elsewhere.”
Founder Robert Beck provided an update with how the company’s holdings have performed YTD as well as throughout the entire pandemic. “We are seeing much stronger results than we had originally anticipated, especially on the retail side. When the pandemic first began and all these businesses and restaurants were shutting down, we anticipated that we may need to prepare for some tenants not being able to make monthly payments.” He later went on to say that the company had far fewer tenants need relief than they had anticipated. “We were surprised at how well our centers continued to perform all throughout the pandemic. We had a few tenants reach out and need some assistance, which we were happy to provide, but overall, our retails centers performed exceptionally well.”