HOUSTON–(COMMERCIAL WIRE)–A partnership led by Houston-based 5Rivers CRE has acquired Shoppes at EastChase in Montgomery, Alabama, in one of the largest retail center transactions of the year in the Southeast.
The 388,700-square-foot power and lifestyle center, located along Interstate 85, is the dominant retail destination in south-central Alabama.
“EastChase represents the quality of assets we seek in the Southeast and Texas,” said Analee Bivins, 5Rivers director of acquisitions. “It was particularly important to us to maintain our position as a key owner of Class A retail products in the state of Alabama. Dominating this market has allowed 5Rivers to offer retailers the opportunity to establish a profitable presence in the region in high-visibility hubs.” .
EastChase, acquired in late 2022, is anchored by Ross, PetSmart, Aldi, H&M, Sephora and Lululemon and is shadow anchored by Target and Dillard’s.
The property, with more than 85 stores and restaurants, is made up of a lifestyle component, Shoppes at EastChase, and EastChase Plaza, a large shopping center.
The Shoppes at EastChase represents the fifth retail center acquisition completed in Alabama for 5Rivers CRE. The company’s portfolio now includes two of the three highest performing retail centers in the state of Alabama.
The EastChase acquisition follows the recent purchase of Riverchase Promenade’s 5Rivers CRE in the Hoover submarket of Birmingham, Alabama, in October.
“5Rivers continues to search for properties in Texas, Alabama and other Sunbelt states, particularly in the healthy lifestyle retail sector,” Bivins said. “5Rivers has been successful in pursuing opportunities amid a complex credit environment with a tighter debt market and we anticipate a steady stream of acquisitions throughout the year.”
Alex McDonald of Berkeley Capital Advisors represented the seller in the EastChase transaction.
5Rivers CRE is a private, full-service commercial real estate investment and asset management firm with a portfolio of 23 properties totaling 4 million square feet. For more information, visit 5RiversCRE.com.
Source: news.google.com