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| 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.”
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| 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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