Jones Lang LaSalle Inc.
08/24/2021 | Press release | Distributed by Public on 08/24/2021 13:41
Regional retail center with Publix anchor sells in southeastern Alabama
ATLANTA, August 24, 2021 -JLL Capital Markets announced today that it has closed the sale of Northside Plaza, a 99-percent-leased, 200,800-square-foot super regional retail center anchored by Publix in the southeastern Alabama community of Dothan.
JLL represented the seller. An entity affiliated with Hackney Real Estate Partners acquired the property.
Northside Plaza is anchored by Publix, the most sought-after supermarket chain the U.S, along with the most-visited Hobby Lobby in Alabama. Other co-anchors include Action Air Jump & Sports and 2nd and Charles, long with a variety of shop tenants such as AMC Theaters, Chili's Panera Bread, Advantage Human Resourcing and Nail Boutique and Spa, round out the tenancy. Completed in 1970, the property was renovated in 2018 and 2010.
Situated at 3489 Ross Clark Circle, Northside Plaza is in the heart of southeast Alabama's most dominant retail corridor in Dothan, which is near the borders of Alabama, Florida and Georgia, providing multiple state drawing power to the center. Northside Plaza is at the high traffic intersection of Ross Clark Circle and Montgomery Highway, providing visibility to more than 72,000 vehicles a day that pass by the center, which has nine entry points.
The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Taylor Callaway.
'The property was one of the first multi-anchored shopping centers to be marketed for sale in the Southeast this year, which received significant investor interest due to the prime location, best-in-class retailers and durable cash flow,' Hamilton said. 'Overall, investor interest for Northside Plaza and other similar southeast retail assets that we have marketed for sale this year have surpassed levels compared to pre-pandemic.'
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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