ATLANTA, GA – HFF announced that it has closed the sale of Riverchase Village (top left photo), a 178,510-square-foot retail center in Hoover, Alabama, a southern suburb of Birmingham.HFF marketed the property on behalf of the seller, Phillips Edison & Company. Midsouth Capital Fund I, LLC purchased Riverchase Village for $13.42 million free and clear of debt.
Riverchase Village is located south of Interstate 459 adjacent to Riverchase Galleria, Alabama’s largest super-regional mall, about nine miles south of Birmingham in Hoover.
The property is 97 percent leased to tenants including Best Buy, PetSmart and Bruno’s Supercenter. The HFF team representing Phillips Edison & Company was led by Jim Hamilton (middle right photo), Richard Reid (lower left photo) and Brad Peterson.
Phillips Edison & Company is a fully-integrated retail real estate company with a portfolio of more than 26 million square feet of neighborhood shopping centers across the country.
The Midsouth Capital Fund was formed by Boyle Investment Company (Boyle) in late 2010 to target approximately $100 million in acquisition opportunities throughout the mid-South region, including Tennessee, Kentucky, north and central Alabama, Mississippi and Arkansas, with a special focus on Memphis and Nashville. Current initial capital committed stands at $45 million, with Boyle and related entities contributing more than $10 million of the total.
The Midsouth Capital Fund focuses on strategically located retail and office assets in submarkets within the above range of geographic target areas. Boyle is a 78-year old real estate development firm with offices in both Memphis and Nashville, and is active in retail, office and mixed-use developments throughout middle Tennessee.
Contacts:
Jim R. Hamilton, HFF Director, (404) 942-2212,
Richard M. Reid, HFF Director, mailto:rreid@hfflp.com,
(404) 942-2209,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
No comments:
Post a Comment