Articles

NRG announces acquisition of Four Seasons Plaza
in North Carolina

Charlotte, NC (January 30, 2009) - Neighborhood Revitalization Group (NRG) recently completed the acquisition of the 77,000 square foot Four Seasons Plaza in Charlotte. The property is located on Albemarle Road, one of the city’s busiest transit corridors. The Four Seasons neighborhood continues to see a rapid increase in the number of Hispanics with forecasted growth of more than 25% over the next five years. The property is anchored by value-oriented tenants like Save-A-Lot, Bargain Hunters and Family Dollar that are well positioned to withstand current economic conditions.

This is NRG’s second large-scale project in Charlotte, following the purchase of the 80,000 square foot North Pointe Plaza located on North Tryon Street. “We continue with our mission to revitalize areas that are in need of renewal,” said James Sharples, the company’s President.“The acquisition of Four Seasons Plaza allows us to attract new businesses to this region, thus injecting new life to this growing community. We would like to acknowledge the involvement of several important community partners that have been vital to this transaction. We are particularly grateful to Self Help Credit Union for their heartfelt commitment to this high-impact project and to the U.S. Treasury’s CDFI Fund for facilitating investment capital to spur economic activity in this low income community. We would also like to thank the City of Charlotte’s Economic Development Office for their continuous support and genuine desire to help us revitalize the Albemarle Road business corridor,” he added.

In response, John Shanley, Director of Commercial Development for Self Help Credit Union commented: “Self Help is pleased to have provided this acquisition financing to NRG. Self Help supports neighborhood revitalization through home and small business loans, New Markets Tax Credit loans, developing new and renovating homes and commercial properties.”

Bergerac Investments was actively involved in raising awareness of the Four Seasons Plaza project among Hispanic-oriented investors. José Riera, Managing Director, stated: “We are deeply grateful to our investors for believing in Four Seasons, especially family members, close friends and members of the Wharton community. They demonstrated an unwavering commitment to NRG’s grass roots mission and business model -- making a most powerful statement during these challenging economic times.”

Neighborhood Revitalization Group (www.nrgbuilds.com) is an affiliate of Bergerac Investments (www.bergeracinvestments.com), a private firm that assists Hispanic entrepreneurs in the mainland United States.

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