 |
| Tony Bartlett |
ATLANTA, GA – American Realty Capital - Retail Centers of
America I & II, a publicly registered, non-traded REIT, with Lincoln
Property Company Southeast (Lincoln), has acquired the 512,871-square-foot Patton Creek, a multi-tenant retail
development located in Hoover, Alabama.
Patton Creek Holdings, LLC, sold the
property for $83.5 million.
Patton Creek includes 65.7
acres of open-air retail, featuring a vibrant mix of entertainment, dining and
shop tenants. Dick’s Sporting Goods, Rave Motion Pictures, Ross Dress for Less,
Cost Plus World Market, DSW, Barnes & Noble, buybuyBABY and Christmas Tree
Shops anchor the center.
The property was approximately 95 percent leased at
the time of the sale.
American Realty Capital –
Retail Centers of America I & II seeks to acquire existing anchored,
stabilized, retail properties, including power centers, lifestyle centers,
grocery-anchored shopping centers and other need-based shopping centers located
in the United States. The REIT currently owns more than 25 properties across
the country.
“The property’s enviable
location and superior access to I-65 and I-459 establishes it as one of the
most convenient shopping centers in Alabama,” said Tony Bartlett, senior vice president of Lincoln. “Well-tenanted
centers in good locations in secondary and tertiary markets are providing
strong returns for investors, and buyers have to be aggressive to secure these
opportunities.”
For a complete copy of the company’s news release,
please contact:
Savannah Duncan
The Wilbert Group
404-343-0870
No comments:
Post a Comment