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| Colonnade Retail Center, Highway 280, Birmingham, AL |
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| Richard Reid |
ATLANTA, GA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Colonnade,
a 127,031-square-foot retail specialty center in Birmingham, Alabama.
HFF marketed the property
on behalf of the seller, DRA Advisors LLC, on behalf of its institutional
clients. A group led by Shannon Waltchack purchased the asset
free and clear of existing debt.
The Colonnade is located
along Highway 280, Birmingham’s most heavily-trafficked retail corridor, and is
surrounded by Birmingham’s most prestigious neighborhoods, including Mountain
Brook, Vestavia Hills, Homewood and Hoover.
The property is shadow-anchored by The Summit,
Birmingham’s premier shopping destination, and offers the ideal amenity base
for the surrounding office buildings that boast more than 100,000 daytime
employees.
At the time of sale, the property was 91
percent leased to a variety of national and regional retailers, including
Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade,
Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Company,
Drapery Studio, Teach Me Beauty and Schaeffer Eye Center.
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| Jim Hamilton |
The HFF investment sales
team representing the seller was led by senior managing directors Richard Reid and Jim Hamilton.
“The Colonnade is a
Birmingham landmark, and the transaction represented a rare opportunity to
acquire a piece of irreplaceable real estate at the epicenter of Birmingham’s
most dominant retail corridor,” Reid said.
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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