Tuesday, November 25, 2014

Sambazis Retail Group of Marcus & Millichap Sells $17 Million Regional Power Center in Alabama


Phil Sambazis
BIRMINGHAM, AL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Eastwood Village, a 134,256-square-foot regional power center in Birmingham, Ala.

The $17 million sales price equates to $127 per square foot.

            Phil Sambazis and Thomas Ladt of Sambazis Retail Group in Marcus & Millichap’s San Diego office represented the seller.

Andrew Chason of the firm’s Mobile, Ala. office also provided representation. Zachary Taylor and Don McMinn, vice presidents investments in the firm’s Atlanta office, represented the buyer.

            “Eastwood Village is a regional power center that was 99 percent occupied at the time of the sale,” says Sambazis. “National tenants account for more than 96 percent of the center’s income stream.”

Thomas Ladt
            Completed in 2007, the property is located on 5.5 acres at 1604-1624 Montclair Road within a dense retail corridor off Interstate 20 between Montclair Road and Crestwood Boulevard (U.S. Highway 78) in Birmingham, Ala.

The retail trade area is composed of 1.5 million square feet with retailers that include Publix, Home Depot, Winn Dixie, and T.J. Maxx.

Eastwood Village is supported by a trade area that encompasses more than 108,000 people with an average annual household income that exceeds $60,000 in a one-mile radius and $74,000 within three- and five-mile radiuses.

The shopping center borders the city of Mountain Brook, which is one of the more affluent communities in the Southeast with a median annual household income of $118,450 and 56 percent of households with incomes that exceed $100,000 per year.

            Eastwood Village is shadow-anchored by a 24-Hour Walmart Supercenter. Additional anchors include Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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