June 14, 2016
CRC Acquires 65,000 SF Shopping Center in Birmingham, AL for $8.4M
Acquisition of Shops on Montevallo represents second by Continental Realty Fund IV, and first in Alabama area, that seeks value-add retail and multifamily opportunities.
Continental Realty Corporation, a Baltimore-based real estate investment and management company, has acquired Shops on Montevallo, a 65,000 square foot retail center located at 4500 Montevallo Road in Birmingham, Alabama for $8.4 million. The asset was purchased from Shops on Montevallo, LLC, who was represented by Cliff Taylor of CBRE.
The shopping center was acquired on behalf of Continental Realty Fund IV, L.P., which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions, and represents the second retail property purchased by the Fund.
Shops on Montevallo was constructed in 1990 and services one of Birmingham’s wealthiest neighborhoods, Mountain Brook, and also draws consumer traffic from the adjacent Crestwood and Crestline neighborhoods. More than 50,000 households are contained within a three-mile radius with average household incomes approaching $90,000. The center is anchored by Planet Fitness, was 93% occupied at the time of the acquisition and is shadow-anchored by two stand-alone grocery stores in Winn Dixie and Publix.
Continental Realty Corporation (CRC), headquartered in Baltimore and founded in 1960, is a full-service commercial real estate investment and management company. The privately-owned firm owns and manages a diversified portfolio of retail centers consisting of over 3.5 million square feet of space, as well as apartment communities featuring nearly 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the value of the portfolio exceeds $2 billion.
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