June 15, 2016
Birmingham News – Baltimore Company Buys Planet Fitness Anchored Shopping Center for $8.4 Million
A Planet Fitness-anchored shopping center in Birmingham has sold for $8.4 million.
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, bought the 65,000-square-foot shopping center at 4500 Montevallo Road from Shops on Montevallo LLC. Cliff Taylor of CBRE represented the seller.
“Shops on Montevallo has a distinct competitive advantage in the local marketplace based on the relative absence of traditional shopping centers nearby, as well as the strong barriers to entry that exist in this sub-market,” Paul Kang (VP, Acquisitions for CRC) said in a statement. “We were attracted to the immediate proximity of high-income neighborhoods, the access to major transportation arteries that service these neighborhoods, and the long-term success of many of the tenants that cater to nearby residents.”