Dallas and Birmingham, Ala. — Dallas-based real estate investment firm Centennial has acquired the operating platform of Birmingham-based Bayer Properties. Bayer’s management portfolio includes nearly 8 million square feet of open-air fashion, power and neighborhood retail centers, as well as mixed-use properties. The combined organization will utilize the Centennial name and the company’s headquarters will remain in Dallas. Bayer’s Birmingham headquarters will remain operational and will become a regional office for Centennial. Bayer’s president, Jami Wadkins, will join Centennial as Chief Operating Officer immediately upon acquisition. “Centennial’s current portfolio consists primarily …
Birmingham, Ala. — JLL Capital Markets has brokered the sale of Brook Highland Plaza, a 594,466-square-foot retail center located in Birmingham. The property was 98 percent leased at the time of sale to tenants including Sprouts Farmers Market, Best Buy, Burlington, HomeGoods, Lowe’s Home Improvements, Ashley Furniture, Goodwill, Ulta Beauty, Party City, Office Max, Michaels, Five Below, Club 4 Fitness and Petco. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller, a joint venture between DRA Advisors and DLC Management, in the disposition of the property to …
Birmingham, Ala. — First National Realty Partners has acquired Inverness Corners, a 242,000-square-foot retail center located in Birmingham, for an undisclosed price. A 54,000-square-foot Winn Dixie and a 92,600-square-foot Kohls anchor the property. Additional tenants include Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise. Zach Taylor of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed seller in the transaction.
Tuscaloosa, Ala. — GBT Realty has sold McFarland Plaza, a 188,406-square-foot shopping center located at 2600 McFarland Blvd. in Tuscaloosa. Cincinnati-based Select Strategies Realty purchased the property from the Brentwood, Tennessee-based owner for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented GBT Realty in the transaction. Situated one mile from the University of Alabama, McFarland Plaza’s tenant roster includes HomeGoods, T.J. Maxx, Ross Dress for Less, Michaels, Dollar General, CosmoProf, Shoe Carnival, Slim Chickens, Party Wow, MS Cos. and Jersey Mike’s.
Birmingham, Ala. — First National Realty Partners has purchased Brook Highland Plaza, a 549,500-square-foot shopping center located in Birmingham. The seller and sales price were not disclosed, but the Birmingham Business Journal reports the property traded for $77 million. The transaction marks the Red Bank, New Jersey-based investor’s second grocery-anchored center acquisition in Alabama. Brad Buchanan and Jim Hamilton of JLL’s Atlanta office represented the seller in the transaction. A 127,000-square-foot Lowe’s Home Improvement store and a 23,400-square-foot Sprouts Farmers Market anchor Brook Highland Plaza. Other tenants include Burlington, Best Buy, …
Muscle Shoals, Ala. — A partnership between Coro Realty and PGM Properties has sold Muscle Shoals Commons, a 58,760-square-foot retail center located in the Northern Alabama town of Muscle Shoals for $13 million. Publix anchors the property, which was 90 percent leased at the time of sale to tenants including Great Clips, Healthsource Chiropractic and Yogurt Mountain. Fred Victor or Transwestern represented the seller in the transaction.
Decatur, Ala. — JRW Realty has brokered the sale of Point Mallard Centre, a grocery-anchored shopping center in Decatur. Situated near I-65, the property features a 45,600-square-foot Publix store and 16,800 square feet of small shop, restaurants and healthcare tenants. The buyer is an unnamed institutional investor that is actively acquiring net-leased and value-add properties. The seller and sales price were not disclosed.
Los Angeles — Tauro Capital Advisors has secured the $149.7 million refinancing of a 24-property Walgreens portfolio primarily located across Tennessee, Wisconsin and Alabama. Matt Bucaro of the Los Angeles-based firm secured the one-year floating bridge loan through Benefit Street Partners on behalf of the borrower, IBF Properties LLC. The portfolio spans 314,852 square feet and was purchased by IBF in 2021. The company is currently acquiring retail assets occupied by investment-grade tenants with plans to create a REIT.
Longwood, Fla. — Timber Development Corp. has sold three retail centers shadow-anchored by Walmart. Dispositions include a 40,000-square-foot retail property in Monroeville, Alabama, occupied by tenants including Dollar Tree, Shoe Show and Cato; a 37,000-square-foot center in Sioux City, Iowa, occupied by Cato, Dollar Tree, Gamestop, Great Clips and Sally Beauty Supply; and a 28,000-square-foot strip center in Huron, South Dakota, home to tenants including Maurices, Shoe Sensation and Verizon. The buyers and terms of the transactions were undisclosed. Timber Development Corp. is based in Longwood, Florida.
Northport, Ala. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. The center was 96 percent leased at the time of sale to tenants including Publix, Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. The property was built in 2019 and …